Domestic Market: The market has been stable nationwide.
In Maharashtra: S/30 Sugar rates from millers are ₹3100 to ₹3150/Qntl. whereas M/30 ₹3180 to 3250. In the resale market S/30 is trading at ₹2980 to ₹3030
South Karnataka: The rates for S/30 at ₹3110 to 3175 whereas, M/30 rates are ₹3140 to 3225.
Uttar Pradesh: The rates for M/30 are ₹3230
Gujarat: The rates for S/30 are ₹3101 whereas M/30 are at ₹3111/Qntl.
Tamil Nadu: S/30 Sugar rates are ₹3200 to 3350 whereas, M/30 rates are 3250 to 3325.
(All the above rates are excluding GST)
International Market: According to reports on Monday, New York sugar rallied on signs of strong sugar demand from Asia. Robust sugar demand from China, has been supportive for prices after China’s General Administrations of Customs reported last week that China’s Nov sugar imports surged +114% y/y to 710 MT and Jan-Nov China sugar imports rose +37.3% y/y to 4.36 MMT. The Indonesia Sugar Refiners Association said last week that it expects Indonesia to boost its sugar exports next year by +10% y/y to 3.3 MMT due to higher demand from the food and beverage industry.
At the time of writing this update London White Sugar front month contract is trading at $409.10/tn, whereas New York Sugar front month contract is trading at 14.96 c/lb.
In the Indian market, White sugar of the season 2020/21 icumsa 100 ready delivery is trading at Rs.25800 to Rs. 26000 on ex factory basis.
Demand for Raw sugar of season 2020/21 icumsa between 600- 1200 is at Rs.25200 to Rs.25300 ex. factory basis.
USD 368 FOB West Coast India telequel for January shipment.
USD 373 FOB West Coast India telequel for February shipment.
USD 375 FOB West Coast India telequel for March shipment.
Currency, Commodity & Indian Indices:
The rupee traded against the US dollar at 73.390 whereas USD was trading with BRL at 5.2357 Crude futures traded at Rs.3540, Crude WTI traded at $48.12 a barrel. Sensex closed 259.33 points higher at 47,613.08 whereas Nifty ended 59.40 points higher at 13,932.60.
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