Daily Sugar Market Update By Vizzie – 09/06/2020

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ChiniMandi, Mumbai: Tuesday 9th June 2020
Domestic Market: There was moderate demand witnessed nationwide.
Maharashtra: S/30 Sugar rates from millers are Rs.3110 to 3180 Qntl whereas M/30 rates from millers are 3140 to 3200. In resale, S/30 Sugar was Rs.3080 to 3180.
South Karnataka: S/30 rates are Rs.3230 to Rs.3275 whereas M/30 rates are Rs.3325.
Uttar Pradesh: The rates for M/30 rates are Rs.3175 to Rs.3250/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 Monday sugar prices closed lower as they tracked crude prices. New York sugar initially posted a 2-3/4 month high in overnight trading when crude prices climbed to a 3-month high. However, crude prices relinquished their gains on Monday morning and fell more than -3%, weighing on sugar prices. Weaker crude prices are negative for ethanol prices and may prompt Brazil’s sugar mills to divert more cane crushing to sugar production rather than ethanol production, thus boosting sugar supplies. A supportive factor for sugar was strength in the Brazilian real, which climbed +1.81% against the dollar Monday to a 2-1/2 month high. The stronger real discourages export selling from Brazil’s sugar producers and is positive for sugar.

London White Sugar front month contract is trading at $387.50/tn whereas US Sugar front month contract is trading at 11.90/lb at the time of writing this update.

Currency, Commodity & Indian Indices:The rupee traded against the US dollar at 75.544 whereas USD traded with BRL at 4.8737, Crude futures traded at Rs.2877, Crude WTI traded at $38.05. Indices ended in the red, sensex closed 413.89 points lower at 33,956.69. Similarly, Nifty ended 120.80 points lower at 10,046.65.

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