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

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ChiniMandi, Mumbai: Saturday 4th April 2020
Domestic Market: With the lockdown nationwide, trades in larger quantities aren’t taking place smoothly.
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.3425 to 3500/Qntl.
Uttar Pradesh: The rates for M/30 rates are Rs.3180 to Rs.3260/Qntl.
Gujarat: The rates for New S/30 are Rs.3351 whereas M/30 are at 3420 to 3430/Qntl.
Tamil Nadu: S/30 Sugar rates are Rs.3500 to Rs.3600 whereas M/30 rates are Rs.3550 to 3650.
Kolkata: The rates for S/30 are Rs.3560 to Rs.3570 whereas M/30 trades rates are at Rs.3600/Qntl.
*All the domestic rates except Kolkata are excluding GST

International: According to reports, May NY world sugar #11 (SBK20) on Friday closed up +0.02 (+0.19%), and May London white sugar #5 (SWK20) closed down -4.10 (-1.20%).

Sugar prices on Friday settled mixed. NY sugar posted modest gains Friday after crude prices jumped by more than +12% to a 2-1/2 week high. Crude oil is climbing as OPEC+ has scheduled a virtual meeting for Monday. According to an OPEC delegate, a global cut in crude production of 10 million bpd is a realistic goal. The surge in oil prices is bullish for ethanol prices and may encourage Brazil’s sugar mills to divert more cane crushing toward ethanol production from sugar production, thus reducing sugar supplies.

Persistent weakness in the Brazilian real against the dollar is a major bearish factor for sugar prices. The real on Friday fell -1.18% against the dollar and posted a new record low of 5.3225 reals/USD. A weaker real encourages export selling by Brazil’s sugar producers.

Currency, Commodity & Indian Indices:
Indian Indices witnessed a crash of around 700 points with growing fears owing to the coronavirus impact and its impact on the economy. However, according to experts the market will witness these sentiments until fresh cases of the virus do not start diminishing.

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