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

ChiniMandi, Mumbai: Wednesday 6th May 2020

Domestic Market: The market has been steady nationwide.
Maharashtra: S/30 Sugar rates are Rs.3080 to Rs.3100/Qntl.
South Karnataka: S/30 rates are Rs.3250 to Rs.3275 whereas M/30 rates are Rs.3325.
Uttar Pradesh: The rates for M/30 rates are Rs.3100 to Rs.3125/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 Tuesday rallied sharply with London sugar at a 1-3/4 month high. A +20% rally in crude oil on Tuesday to a 2-week high lifted sugar prices. Stronger crude oil prices benefit ethanol prices and may prompt Brazil’s sugar mills to divert more cane crushing toward ethanol production rather than sugar production, thus reducing sugar supplies.

London White Sugar front month contract is trading at $349.90/tn whereas US Sugar front month contract is trading at 10.48/lb at the time of writing this update.

Currency, Commodity & Indian Indices:
The rupee traded against the US dollar at 75.874 whereas USD traded with BRL at 5.5424, Crude futures traded at Rs.1833, Crude WTI traded at $23.88. Indices ended in the green, Sensex closed 232.24 points higher at 31,685.75. Similarly, Nifty ended 65.30 points higher at 9,270.90.


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