Daily Sugar Market Update By Vizzie – 08/05/2020

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ChiniMandi, Mumbai: Friday 8th 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.3240 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.3275 to Rs.3380 whereas M/30 rates are Rs.3350 to 3400.

International: According to reports, sugar prices on Thursday settled higher on support from early strength in crude oil prices and a sharp 5% rally in gasoline prices, although crude oil prices fell back during mid-afternoon. Stronger crude oil prices are positive for 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.Sugar prices fell back from their best levels Thursday on weakness in the Brazilian real against the dollar. The real on Thursday fell -2.00% against the dollar and posted a new record low of 5.8744 reals/USD. 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 $348.00/tn whereas US Sugar front month contract is trading at 10.31/lb at the time of writing this update.

Currency, Commodity & Indian Indices:
The rupee traded against the US dollar at 75.589 whereas USD traded with BRL at 5.7900, Crude futures traded at Rs.1847, Crude WTI traded at $24.27. Indices ended in the green, sensex closed 199.32 points higher at 31,642.70. Similarly, Nifty ended 52.45 points higher at 9,251.50.

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