Daily Sugar Market Update By Vizzie – 05/06/2020

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ChiniMandi, Mumbai: Friday 5th June 2020
Domestic Market: The market did not witness any major movement 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.

International Market:
According to reports, on Thursday sugar prices extended this week’s rally with New York sugarand London sugar at a high. A slump in the dollar index to a 2-1/2 month low boosted the prices of most commodities, including sugar. Sugar prices also have carry-over support from Wednesday when crude oil rallied to a fresh 3-month high. The strength in crude 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.sugar prices

London White Sugar front month contract is trading at $394.20/tn whereas US Sugar front month contract is trading at 11.97/lb at the time of writing this update.

Currency, Commodity & Indian Indices:The rupee traded against the US dollar at 75.575 whereas USD traded with BRL at 5.0582, Crude futures traded at Rs.2919, Crude WTI traded at $38.55. Indices ended in the green, sensex closed 306.54 points higher at 34,287.24. Similarly, Nifty ended 113.05 points higher at 10,142.15.

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