ChiniMandi, Mumbai: Thursday 4th June 2020
Domestic Market: The market witnessed poor demand nationwide.
Maharashtra: S/30 Sugar rates from millers are Rs.3100 to 3180 Qntl whereas M/30 rates from millers are 3140 to 3200. In resale, S/30 Sugar Rs.3050 to 3150.
South Karnataka: S/30 rates are Rs.3240 to Rs.3275 whereas M/30 rates are Rs.3325.
Uttar Pradesh: The rates for M/30 rates are Rs.3140 to Rs.3190/Qntl.
Gujarat: The rates for New S/30 are Rs.3151 to 3161 whereas M/30 are at Rs.3091 to 3201/Qntl.
Tamil Nadu: S/30 Sugar rates are Rs.3275 to Rs.3350 whereas M/30 rates are Rs.3325 to 3400.
According to reports, sugar prices this morning were sharply higher with New York sugar and London sugar high. Strength in the Brazilian real and higher crude prices are supporting sugar prices today. WTI crude rose to a fresh 3-month high today before falling back, which benefits ethanol prices and may prompt Brazil’s sugar mills to divert more cane crushing to ethanol production rather than sugar production, thus reducing sugar supplies.
London White Sugar front month contract is trading at $378.90/tn whereas US Sugar front month contract is trading at 11.54/lb at the time of writing this update.
Currency, Commodity & Indian Indices:The rupee traded against the US dollar at 75.493 whereas USD traded with BRL at 5.0660, Crude futures traded at Rs.2800, Crude WTI traded at $36.98. Indices ended in the red, sensex closed 128.84 points lower at 33,980.70. Similarly, Nifty ended 32.45 points lower at 10,029.10.
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