ChiniMandi, Mumbai: Monday 6th April 2020
Domestic Market: With the lockdown nationwide, trades in larger quantities aren’t taking place smoothly.
Maharashtra: S/30 Sugar rates are Rs.3050 to Rs.3140/Qntl.
South Karnataka: S/30 rates are Rs.3370 to 3450 whereas M/30 rates are Rs.3425 to 3500/Qntl.
Uttar Pradesh: The rates for M/30 rates are Rs.3180 to Rs.3260/Qntl.
Gujarat: The rates for New S/30 are Rs.3291 whereas M/30 are at 3371 to 3481/Qntl.
Tamil Nadu: S/30 Sugar rates are Rs.3500 to Rs.3600 whereas M/30 rates are Rs.3550 to 3650.
Kolkata: The rates for S/30 are Rs.3560 to Rs.3570 whereas M/30 rates are at Rs.3600/Qntl.
*All the domestic rates except Kolkata are excluding GST
According to reports, sugar prices on Friday settled mixed. NY sugar posted modest gains Friday after crude prices jumped by more than +12% to a 2-1/2 week high. Crude oil is climbing as OPEC+ has scheduled a virtual meeting for Monday. According to an OPEC delegate, a global cut in crude production of 10 million bpd is a realistic goal. The surge in oil prices is bullish for ethanol prices and may encourage Brazil’s sugar mills to divert more cane crushing toward ethanol production from sugar production, thus reducing sugar supplies.
Persistent weakness in the Brazilian real against the dollar is a major bearish factor for sugar prices. The real on Friday fell -1.18% against the dollar and posted a new record low of 5.3225 reals/USD. A weaker real encourages export selling by Brazil’s sugar producers.
London White Sugar front month contract is trading at $332.40/tn whereas US Sugar front month contract is trading at 10.36/lb at the time of writing this update.
Currency, Commodity & Indian Indices:
The rupee traded against the US dollar at 76.203 whereas USD traded with BRL at 5.2866, Crude WTI traded at $27.41 Indian Indices were not trading owing to a holiday on the occasion of Mahavir Jayanti.