Daily Sugar Market Update By Vizzie – 04/09/2020

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ChiniMandi, Mumbai: Friday, 4th 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 3400/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 Thursday sugar prices sold off sharply to 5-week lows on negative carry-over after the International Sugar Organization (ISO) boosted its global 2020/21 sugar production estimates. The other bearish factor for sugar was weakness in crude oil, that fell to a 1-month low and undercut ethanol prices.

London White Sugar front month contract is trading at $353.80/tn, whereas New York Sugar front month contract is trading at 12.04/lb at the time of writing this update.

Currency, Commodity & Indian Indices: The rupee traded against the US dollar at 73.140 whereas USD is trading with BRL at 5.2911, Crude futures traded at Rs.3054, Crude WTI traded at $41.73 a barrel. Indian Indices ended in the red. Sensex closed 633.76 points lower at 38,357.18 whereas Nifty ended 193.60 points lower at 11,333.85.

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