Daily Sugar Market Update By Vizzie – 02/04/2020

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ChiniMandi, Mumbai: Thursday 2nd April 2020
Domestic Market: With the lockdown nationwide, trades in larger quantities aren’t taking place smoothly. And on occasion of Ram Navami, most of the markets were closed.
Maharashtra: S/30 Sugar rates are Rs.3050 to Rs.3140/Qntl.
South Karnataka: S/30 rates are Rs.3370 to 3450 whereas M/30 rates are Rs.3550 to 3650/Qntl.
Uttar Pradesh: The rates for M/30 rates are Rs.3180 to Rs.3260/Qntl.
Tamil Nadu: S/30 Sugar rates are Rs.3500 to Rs.3600 whereas M/30 rates are Rs.3550 to 3650.
*All the domestic rates except Kolkata are excluding GST

International: Sugar prices on Wednesday sold off sharply with NY sugar at a 1-1/2 year low on weakness in crude oil and the Brazilian real. Crude oil fell moderately Wednesday and is just above Monday’s 18-year low, which is bearish for ethanol prices and may encourage Brazil’s sugar mills to divert more cane crushing toward sugar production rather than ethanol production, thus boosting sugar supplies. Ethanol prices are also seeing downward pressure after Brazil’s two largest fuel distributors on Monday declared force majeure on purchases of Brazil ethanol due to weak fuel demand.

London White Sugar front month contract is trading at $336.10/tn whereas US Sugar front month contract is trading at 10.07/lb at the time of writing this update.

Currency, Commodity & Indian Indices:
Currency, Commodity & Indian Indices were not trading owing to a holiday on the occasion of Ram Navami.

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