Daily Sugar Market Update By Vizzie – 03/09/2020

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ChiniMandi, Mumbai: Thursday, 3rd September 2020

Domestic Market: The market was stable nationwide. No major movement was witnessed nationwide.
In Maharashtra: S/30 Sugar rates from millers are ₹3140 to ₹3160/Qntl whereas M/30 ₹3240 to 3260

South Karnataka: S/30 Sugar rates are ₹3340 to 3400 whereas, M/30 rates are ₹3365 to ₹3450.

Uttar Pradesh: The rates for M/30 are ₹3390 to 3410/Qntl.

Gujarat: The rates for New S/30 are ₹3231 to 3235 whereas M/30 are at ₹3251 to 3261/Qntl.

Tamil Nadu: S/30 Sugar rates are ₹3390 to 3450 whereas, M/30 rates are ₹3450 to 3500.

(All the above rates are excluding GST)

International Market: According to reports, on Wednesday sugar prices posted moderate losses, with New York sugar falling to a 3-week low on negative carry-over from Tuesday when the International Sugar Organization (ISO) boosted its global 2020/21 sugar production estimates. The ISO projects that global 2020/21 sugar production will increase by +2.3% y/y to 173.5 MMT. Crude oil prices also fell nearly -3.0% to a 3-week low, which undercuts ethanol prices and is negative for sugar prices.

London White Sugar front month contract is trading at $355.60/tn, whereas New York Sugar front month contract is trading at 12.26/lb at the time of writing this update.

Currency, Commodity & Indian Indices: The rupee traded against the US dollar at 73.531 whereas USD is trading with BRL at 5.3408, Crude futures traded at Rs.3002, Crude WTI traded at $40.80 a barrel. Indian Indices ended in the red. Sensex closed 95.09 points lower at 39,990.94 whereas Nifty ended 7.55 points lower at 11,527.45.

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