Daily Sugar Market Update By Vizzie – 07/08/2020

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ChiniMandi, Mumbai: Friday 7th August 2020

Domestic Market: There was no major movement in the market, demand was also scanty.

In Maharashtra: S/30 Sugar rates from millers are ₹3150 to ₹3180/Qntl whereas M/30 ₹3150 to 3280

South Karnataka:  S/30 Sugar rates are ₹3370 to 3450 whereas, M/30 rates are ₹3500

Uttar Pradesh: The rates for M/30 are ₹3325 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 Thursday sugar prices rallied sharply with New York sugar at a new 5-month high on the outlook for a global sugar deficit. Reduced sugar output in Thailand and Europe is likely to push the global 2020/21 sugar market into a deficit of -1.3 MMT. Sugar prices have pushed higher over the past two weeks on crop concerns in Thailand, along with a rally in crude oil.

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 $377.90/tn, whereas New York Sugar front month contract is trading at 12.83/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 5.3328, Crude futures traded at Rs.3121, Crude WTI traded at $41.55. Sensex closed 15.12 points higher at 38,040.57 whereas Nifty ended 13.90 points higher at 11,214.05.

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