ChiniMandi, Mumbai: Saturday 09th 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 Market: According to reports, NY sugar prices on Friday fell to a 1-week low and posted moderate losses on supply concerns. Sugar prices remain under pressure from Tuesday’s forecast from Conab, Brazil’s official government forecasting agency, that Brazil’s 2020/21 sugar production will climb +18.5% y/y to 35.3 MMT as millers divert more cane juice to produce sugar as the outlook for ethanol has been decimated by drop in consumption and prices. Conab projects Brazil’s mills will divert 42.4% of cane juice to produce sugar in 2020/21, up from 34.9% in 2019/20. Unica reported last Wednesday that Brazil sugarcane-based ethanol sales the first half of April tumbled -32% y/y to 800 mln liters.
Currency, Commodity & Indian Indices:
Indian Indices witnessed a volatile week, market experts are optimistic that the market would continue to witness volatility in the coming week too.