Daily Sugar Market Update By Vizzie – 10/09/2020

ChiniMandi, Mumbai: Thursday, 10th September 2020

Domestic Market: The market continued to remain stable nationwide.
In Maharashtra: S/30 Sugar rates from millers are ₹3170/Qntl whereas M/30 ₹3240 to 3260

South Karnataka: S/30 Sugar rates are ₹3320 to 3400 whereas, M/30 rates are ₹3350 to 3450.

Uttar Pradesh: The rates for M/30 are ₹3360 to 3400/Qntl.

Gujarat: The rates for New S/30 are ₹3231 to 3235 whereas M/30 are at ₹3251 to 3261/Qntl.

Tamil Nadu: S/30 Sugar rates are ₹3400 to 3450 whereas, M/30 rates are ₹3450 to 3500.

(All the above rates are excluding GST)

International Market: According to reports, on Wednesday, sugar prices fell back slightly owing to concerns on weak ethanol demand in Brazil, which may prompt Brazil’s sugar mills to divert more cane crushing toward sugar production rather than ethanol production, thus boosting sugar supplies. Sugar prices recovered most of their losses after crude oil on Wednesday rallied more than 3%, which benefits ethanol prices and is positive for sugar.

London White Sugar front month contract is trading at $354.50/tn, whereas New York 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 73.387 whereas USD is trading with BRL at 5.2889, Crude futures traded at Rs.2754, Crude WTI traded at $3754 a barrel. Indian Indices ended in the green. Sensex closed 646.40 points higher at 38,840.32 whereas Nifty ended 171.25 points higher at 11,449.25

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