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

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ChiniMandi, Mumbai: Monday 8th June 2020
Domestic Market: There was no major movement in the market today.
Maharashtra: S/30 Sugar rates from millers are Rs.3100 to 3180 Qntl whereas M/30 rates from millers are 3140 to 3200. In resale, S/30 Sugar Rs.3050 to 3150.
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.3155 to Rs.3220/Qntl.
Gujarat: The rates for New S/30 are Rs.3171 to 3181 whereas M/30 are at Rs.3200 to 3220/Qntl.
Tamil Nadu: S/30 Sugar rates are Rs.3275 to Rs.3350 whereas M/30 rates are Rs.3325 to 3400.

International Market:
According to reports, on Friday, sugar prices rallied sharply with New York sugar at a 2-1/2 month high and London sugar at a 3-month high. A rally in crude oil on Friday to a 3-month high boosted sugar prices, along with strength in the Brazilian real, which climbed to a 2-1/2 month high against the dollar. Crude oil prices on Friday surged more than +5% to a 3-month high. Higher crude prices benefit ethanol prices and may prompt Brazil’s sugar mills to divert more cane crushing to ethanol production rather than sugar production, thus reducing sugar supplies.

London White Sugar front month contract is trading at $394.90/tn whereas US Sugar front month contract is trading at 12.13/lb at the time of writing this update.

Currency, Commodity & Indian Indices:The rupee traded against the US dollar at 75.519 whereas USD traded with BRL at 4.9420, Crude futures traded at Rs.2970, Crude WTI traded at $39.27. Indices ended in the green, sensex closed 83.34 points higher at 34,370.58. Similarly, Nifty ended 25.30 points higher at 10,167.45.

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