Daily Sugar Market Update By Vizzie – 05/05/2020

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ChiniMandi, Mumbai: Tuesday 5th May 2020
Domestic Market: The market has been steady nationwide.
Maharashtra: S/30 Sugar rates are Rs.3040 to Rs.3100/Qntl.
South Karnataka: S/30 rates are Rs.3270 to Rs.3300 whereas M/30 rates are Rs.3350.
Uttar Pradesh: The rates for M/30 rates are Rs.3100 to Rs.3110/Qntl.
Gujarat: The rates for New S/30 are Rs.3150 whereas M/30 are at 3190 to 3200/Qntl.
Tamil Nadu: S/30 Sugar rates are Rs.3300 to Rs.3380 whereas M/30 rates are Rs.3350 to 3400.

International: According to reports, sugar prices on Monday retreated on forecasts for a global sugar surplus and on weakness in the Brazilian real. JPMorgan Chase on Monday forecasted a global 2020/21 sugar surplus of +2.8 MMT compared with a February forecast for a -4.8 MMT sugar deficit, citing widespread Covid-19 lockdowns and worsening ethanol demand. JPMorgan said, “a rapid adjustment in ethanol production economics will likely drive Brazil’s Center-South mills to all but maximize the sugar mix, amid sustained oil price weakness.”

London White Sugar front month contract is trading at $346.30/tn whereas US Sugar front month contract is trading at 10.56/lb at the time of writing this update.

Currency, Commodity & Indian Indices:
The rupee traded against the US dollar at 75.722 whereas USD traded with BRL at 5.5424, Crude futures traded at Rs.1723, Crude WTI traded at $22.48.
Indices ended in the red, Sensex closed 261.84 points lower at 31,453.51. Similarly, Nifty ended 87.90 points lower at 9,205.60.

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