Daily Sugar Market Update By Vizzie – 10/08/2020


ChiniMandi, Mumbai: Monday 10th August 2020

Domestic Market: The market witnessed demand picking majorly in parts of Maharashtra owing to festive demand, rest of the states witnessed scattered demand. According to experts, fresh buying will be seen in the coming days with easing of lockdown in various parts of the country and the festive demand that should take better pace too.

In Maharashtra: S/30 Sugar rates from millers are ₹3160 to ₹3190/Qntl whereas M/30 ₹3260 to ₹3290.

South Karnataka: S/30 Sugar rates are ₹3370 to ₹3425 whereas, M/30 rates are ₹3475.
Uttar Pradesh: The rates for M/30 are ₹3325 to ₹3340/Qntl.
Gujarat: The rates for New S/30 are ₹3251 to 3255 whereas M/30 are at ₹3275 to ₹3280/Qntl.
Tamil Nadu: S/30 Sugar rates are ₹3370 to 3475 whereas, M/30 rates are ₹3425 to ₹3500.
(All the above rates are excluding GST)

International Market: According to reports on Friday, sugar prices posted moderate losses as New York sugar retreated from a 5-month high on global sugar crop concerns. A decline in crude oil prices along with weakness in the Brazilian real against the dollar, has sparked long liquidation in sugar futures. Sugar prices have pushed higher over the past two weeks. This morning the market opened lower on some further selling after the weak close on Friday. Prices have slightly improved however weaker on the day.

White sugar of the season 2019/20 icumsa 100 ready delivery is trading at ₹24500 to ₹24800 on ex factory basis. The FOB indication For white sugar icumsa 100 Season 2019/20 is $370 to $373.

London White Sugar front month contract is trading at $377.90/tn, whereas New York Sugar front month contract is trading at 12.83/lb at the time of writing this update.

Currency, Commodity & Indian Indices: The rupee traded against the US dollar at 74.958 whereas USD is trading with BRL at 5.2915, Crude futures traded at Rs.3149, Crude WTI traded at $41.97. Indian Indices in the green on the back of positive global cues and the Government of India’s push for the initiative of Atma-Nirbhar Bharat where the Ministry of Defence (MoD) announced import of defence equipment in phases. Sensex closed 141.51 points higher at 38,182.08 whereas Nifty ended 56.10 points higher at 11,270.15.

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