Daily Sugar Market Update By Vizzie – 03/10/2020

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ChiniMandi, Mumbai: Saturday 3rd October 2020
Domestic Market: The market has been witnessing weak sentiments throughout the week due to lack of demand and selling pressure.
In Maharashtra: S/30 Sugar rates from millers are ₹3150/Qntl. whereas M/30 ₹3240 to 3260.
South Karnataka: S/30 Sugar rates are ₹3250 to 3300 whereas, M/30 rates are ₹3300 to 3350.
Uttar Pradesh: The rates for M/30 are ₹3250 to 3260/Qntl.
Gujarat: The rates for M/30 are at ₹3241 to 3271/Qntl.
Tamil Nadu: S/30 Sugar rates are ₹3325 to 3400 whereas, M/30 rates are 3450.
(All the above rates are excluding GST)

International Market: According to reports, on Thursday sugar prices settled mixed. New York sugar surged to a 7-month nearest-futures high, and London sugar posted a 6-week high on concern about tightness in near-term sugar supplies. Sugar rallied on Thursday morning sharply after some of the world’s largest sugar traders took cash delivery on a record 51,797 Oct New York sugar futures contracts that expired on Wednesday.

December contract – London white sugar (SWZ20) closed down -1.30 at $373.70 whereas March contract – New York sugar closed down -0.03 at 13.55/lb

Currency, Commodity & Indian Indices:
Indian indices remained positive throughout the week on the back of positive global cues. Support was also gained from the announcement of a new phase of unlock. Most of the Asian currencies strengthened against the US Dollar. The rupee was also supported by strength owing to the optimism on recovery post covid-19.

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