Daily Sugar Market Update By Vizzie – 10/04/2020

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ChiniMandi, Mumbai: Thursday 9th April 2020
Domestic Market: With the lockdown nationwide, trades in larger quantities aren’t taking place smoothly.
Maharashtra: S/30 Sugar rates are Rs.3050 to Rs.3140/Qntl.
South Karnataka: S/30 rates are Rs.3400 to 3450 whereas M/30 rates are Rs.3420 to 3500/Qntl.
Uttar Pradesh: The rates for M/30 rates are Rs.3180 to Rs.3260/Qntl.
Gujarat: The rates for New S/30 are Rs.3241 whereas M/30 are at 3321 to 3431/Qntl.
Tamil Nadu: S/30 Sugar rates are Rs.3500 to Rs.3580 whereas M/30 rates are Rs.3550 to 3600.
Kolkata: The rates for S/30 are Rs.3560 to Rs.3570 whereas M/30 rates are at Rs.3600/Qntl.
*All the domestic rates except Kolkata are excluding GST

International: Sugar prices on Thursday settled higher with London sugar at a 1-week high. A decline in the dollar index on Thursday to a 1-week low sparked short-covering in sugar futures. NY sugar is consolidating just above last Wednesday’s 1-1/2 year low and London sugar above Tuesday’s a 4-1/2 month low.

According to sources, sugar prices continue to be undercut by concern about weaker sugar demand due to the coronavirus pandemic. Researcher Czarnikow on Mar 24 cut its global sugar consumption estimate for this year by -2.0 MMT, citing a collapse in out-of-home food and drink consumption due to the closure of restaurants because of the coronavirus pandemic. Also, Commerzbank on Thursday cut its NY sugar price estimate for Q4-2020 to 12 cents/lb from a Feb estimate of 15 cents/lb, citing the plunge in crude oil prices and the sell-off in the Brazilian real to a record low against the dollar.

Trades are not taking place owing to a holiday on occasion of Good Friday.

Currency, Commodity & Indian Indices: BSE & NSE remained closed on occasion of Good Friday.

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