Daily Sugar Market Update By Vizzie – 12/06/2020

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ChiniMandi, Mumbai: Friday 12th June 2020
Domestic Market: There was good demand witnessed nationwide.
Maharashtra: S/30 Sugar rates from millers are Rs.3125 to 3195 per Qntl, whereas M/30 rates from millers are 3165 to 3215.
Uttar Pradesh: The rates for M/30 are Rs. 3275 to 3310 per Qntl.
Gujarat: The rates for New S/30 are Rs.3191 to 3200 whereas M/30 are at Rs.3220 to 3250/Qntl.
Tamil Nadu: S/30 Sugar rates are Rs.3400 to Rs.3450 whereas, M/30 rates are Rs.3450 to 3500.

International Market:
According to reports, Sugar prices on Thursday sold-off on a slump in crude prices along with a forecast for a smaller global sugar deficit. Crude oil prices dropped more than -8% Thursday to a 1-week low, which undercut 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.

London White Sugar front month contract is trading at $387.80/tn whereas US Sugar front month contract is trading at 11.94/lb at the time of writing this update.

Currency, Commodity & Indian Indices:The rupee traded against the US dollar at 75.813 whereas USD traded with BRL at 4.9765, Crude futures traded at Rs.2759, Crude WTI traded at $36.39. Indices ended in the green, sensex closed 242.52 points higher at 33,780.89. Similarly, Nifty ended 70.90 points higher at 9972.90.

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