Daily Sugar Market Update By Vizzie – 03/08/2020

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ChiniMandi, Mumbai: Monday 3rd August 2020

Domestic Market: The market witnessed moderate demand.
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 ₹3370 to 3450 whereas, M/30 rates are ₹3500
Uttar Pradesh: The rates for M/30 are ₹3300 to 3340/Qntl.
Tamil Nadu: S/30 Sugar rates are ₹3400 to 3475 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

London White Sugar front month contract is trading at $371.90/tn, whereas New York Sugar front month contract is trading at 12.43/lb at the time of writing this update.

Currency, Commodity & Indian Indices: The rupee traded against the US dollar at 75.20 whereas USD is trading with BRL at 5.2229, Crude futures traded at Rs.3015, Crude WTI traded at $40.05. Indian indices ended in the red, Sensex closed 667.29 points lower at 36,939.60. Similarly, Nifty ended 181.85 points lower at 10,891.60.

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