Daily Sugar Market Update By Vizzie – 01/05/2020

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ChiniMandi, Mumbai: Friday 1st May 2020
Domestic Market: The market has been steady nationwide.
Maharashtra: S/30 Sugar rates are Rs.3040 to Rs.3100/Qntl.
South Karnataka: S/30 rates are Rs.3300 whereas M/30 rates are Rs.3350.
Uttar Pradesh: The rates for M/30 rates are Rs.3100 to Rs.3130/Qntl.
Gujarat: The rates for New S/30 are Rs.3150 whereas M/30 are at 3200 to 3220/Qntl.
Tamil Nadu: S/30 Sugar rates are Rs.3300 to Rs.3350 whereas M/30 rates are Rs.3350 to 3400.

International: According to reports, sugar prices on Thursday rallied sharply for a second day and posted 1-1/2 week highs on strength in crude and on stronger fuel demand in Brazil. Crude oil prices rose by more than +10% Thursday to a 1-week high, which benefits ethanol prices and is supportive for sugar. Also, news of stronger fuel demand in Brazil was supportive for ethanol prices after Fecombustiveis, the federation that represents Brazil gas stations, reported on Thursday that Brazil’s fuel consumption during Apr 20-25 rose +2.3% w/w as stay-at-home restrictions were eased.

London White Sugar front month contract is trading at $335.50/tn whereas US Sugar front month contract is trading at 10.30/lb at the time of writing this update.

Currency, Commodity & Indian Indices: The rupee traded against the US dollar at 75.720, Crude futures traded at Rs.1343, Crude WTI traded at $18.69. Indian Indices did not trade as BSE & NSE remained closed on account of Maharashtra Day.

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