Daily Sugar Market Update By Vizzie – 05/10/2020

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ChiniMandi, Mumbai: Monday 5th October 2020

Domestic Market: The market opened with moderate demand.
In Maharashtra: S/30 Sugar rates from millers are ₹3150/Qntl whereas M/30 ₹3240 to 3260

South Karnataka: S/30 Sugar rates are ₹3250 to 3300 whereas, M/30 rates are ₹3300 to 3350.

Uttar Pradesh: The rates for M/30 are ₹3250 to 3260/Qntl.

Gujarat: The rates for M/30 are at ₹3241 to 3261/Qntl.

Tamil Nadu: S/30 Sugar rates are ₹3325 to 3400 whereas, M/30 rates are 3400 to 3450.

(All the above rates are excluding GST)

International Market: According to reports on Friday , sugar prices closed lower on weakness in crude oil and a decline in the Brazilian real. Crude oil prices fell more than -4% on Friday to a 3-week low. The Brazilian real slumped to a 4-1/4 month low against the dollar on Friday. The weaker real encourages export selling by Brazil’s sugar producers.

London White Sugar front month contract is trading at $375.70/tn, whereas New York Sugar front month contract is trading at 13.65/lb at the time of writing this update.

Currency, Commodity & Indian Indices:
The rupee traded against the US dollar at 73.171 whereas USD was trading with BRL at 5.6610, Crude futures traded at Rs.2835, Crude WTI traded at $38.72 a barrel. Indian Indices ended in the green. Sensex closed 276.65 points higher at 38,973.70 whereas Nifty ended 86.40 points higher at 11,503.35.

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