Daily Sugar Market Update By Vizzie – 01/08/2020

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ChiniMandi, Mumbai: Saturday 1st August 2020
Domestic Market:
The market was stable, there was no major movement witnessed owing to a holiday on occasion of Eid-al-Adha.
In Maharashtra: S/30 Sugar rates from millers are ₹3160 to ₹3200/Qntl whereas M/30 ₹3260 to 3300
South Karnataka: S/30 Sugar rates are ₹3420 to 3450 whereas, M/30 rates are ₹3500
Uttar Pradesh: The rates for M/30 are ₹3300 to 3340/Qntl.
Gujarat: The rates for New S/30 are ₹3251 to 3261 whereas M/30 are at ₹3281 to 3291/Qntl.
Tamil Nadu: S/30 Sugar rates are ₹3400 to 3460 whereas, M/30 rates are ₹3450 to 3500
(All the above rates are excluding GST)

International Market:
According to reports, on Friday New York world sugar prices sharply rallied on fund buying and a technical breakout to a new 4-3/4 month high. Sugar prices witnessed support from the weak dollar and expectations for China and Indonesia to boost imports. Sugar prices also saw some support from Friday’s mild rally in Sep WTI crude oil prices, which was positive for Brazilian ethanol prices/production and negative for sugar production.

New York sugar closed +0.53 at 12.64/lb, whereas London white sugar closed +13.40 at $381.60

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