Daily Sugar Market Update By Vizzie – 07/05/2020

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ChiniMandi, Mumbai: Thursday 7th 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 Wednesday settled sharply lower. A -5% slump in crude oil prices on Wednesday and weakness in the Brazilian real pressured sugar prices the entire day. Weaker crude oil prices are negative for ethanol prices and may prompt Brazil’s sugar mills to divert more cane crushing toward sugar production rather than ethanol production, thus boosting sugar supplies.

Persistent weakness in the Brazilian real is negative for sugar prices. The real on Wednesday fell -1.83% against the dollar and is just above the record low of 5.7456 reals/USD from Apr 24. The weaker real is bearish for sugar since it encourages export selling by Brazil’s sugar producers.

London White Sugar front month contract is trading at $348.70/tn whereas US Sugar front month contract is trading at 10.44/lb at the time of writing this update.

Currency, Commodity & Indian Indices:
The rupee traded against the US dollar at 75.831 whereas USD traded with BRL at 5.7732, Crude futures traded at Rs.2008, Crude WTI traded at $26.31. Indices ended in the red, Sensex closed 242.37 points lower at 31,443.38. Similarly, Nifty ended 65.30 points lower at 9,199.05.

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