Daily Sugar Market Update By Vizzie – 06/08/2020

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ChiniMandi, Mumbai: Wednesday 06th August 2020

Domestic Market:  There was no major movement in the market. Demand witnessed was scanty.
In Maharashtra: S/30 Sugar rates from millers are ₹3160 to ₹3190/Qntl whereas M/30 ₹3260 to ₹3290.
South Karnataka: S/30 Sugar rates are ₹3350 to 3450 whereas, M/30 rates are ₹3500.
Uttar Pradesh: The rates for M/30 are ₹3300 to 3340/Qntl.

Gujarat: The rates for New S/30 are ₹3251 to 3261 whereas M/30 are at ₹3281 to 3285/Qntl.

Tamil Nadu: S/30 Sugar rates are ₹3400 to 3475 whereas, M/30 rates are ₹3450 to 3500

(All the above rates are excluding GST)

International Market: According to reports, on Wednesday sugar prices erased an early rally and closed lower on beneficial rain in Thailand, with forecasts for more rain later this week. New York sugar initially climbed to a 5-month high morning on a rally in crude oil which climbed to a 5-month high. Another bearish factor for sugar prices was weakness in the Brazilian real against the dollar. The real fell -0.43% against the dollar.

White sugar of the season 2019/20 icumsa 100 ready delivery is trading at Rs.24000 to Rs. 24200 on ex factory basis. The FOB indication For white sugar icumsa 100 Season 2019/20 is $363 to $365.

London White Sugar front month contract is trading at $373.40/tn, whereas New York Sugar front month contract is trading at 12.68/lb at the time of writing this update.

Currency, Commodity & Indian Indices:  The rupee traded against the US dollar at 74.958 whereas USD is trading with BRL at 5.2915, Crude futures traded at Rs.3149, Crude WTI traded at $41.97. Sensex closed 362.12 points higher at 38,025.45 whereas Nifty ended 98.50 points higher at 11,200.15.

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