ChiniMandi, Mumbai: Wednesday 1st July 2020
Domestic Market: The market witnessed moderate demand nationwide. According to market experts, demand for sugar is yet likely to pick up pace since the country has reached the scenario of complete unlocking. Once hotels, restaurants, theatres, malls etc. open, the industry shall witness the actual demand coming in.
Maharashtra: S/30 Sugar rates from millers are ₹3170 to ₹3200/Qntl whereas M/30 ₹3270 to 3300
South Karnataka: The rates for S/30 are ₹3375 to 3400/Qntl whereas for M/30 are at ₹3450/Qntl.
Uttar Pradesh: The rates for M/30 are ₹3325 to ₹3335/Qntl.
Gujarat: The rates for New S/30 are ₹3201 to 3211 whereas M/30 are at ₹3211 to 3251/Qntl.
Tamil Nadu: S/30 Sugar rates are ₹3375 to Rs.3475 whereas, M/30 rates are ₹3450 to 3525.
(All the above rates are excluding GST)
According to reports, on Tuesday sugar prices posted moderate gains after Rabobank forecast that drought conditions in Thailand would cut its 2020/21 sugar output by -5% y/y to 8.15 MMT. Sugar prices fell back from their best levels on weakness in the Brazilian real, which dropped to a 1-month low against the dollar on Tuesday.
London White Sugar front month contract is trading at $354.80/tn, whereas US Sugar front month contract is trading at 12.11/lb at the time of writing this update.
Currency, Commodity & Indian Indices: The rupee traded against the US dollar at 75.532 whereas USD traded with BRL at 5.4123, Crude futures traded at Rs.2984, Crude WTI traded at $39.43. Indices ended in the green, sensex closed 498.65 points higher at 35414.45. Similarly, Nifty ended 127.95 points higher at 10,430.05
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