Daily Sugar Market Update By Vizzie – 13/04/2020

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ChiniMandi, Mumbai: Monday 13th 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.3300 to 3350 whereas M/30 rates are Rs.3325 to 3400/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.3201 whereas M/30 are at 3280/Qntl.
Tamil Nadu: S/30 Sugar rates are Rs.3400 to Rs.3500 whereas M/30 rates are Rs.3450 to 3575.
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.

London White Sugar front month contract is trading at $348.50/tn whereas US Sugar front month contract is trading at 10.51/lb at the time of writing this update.

Currency, Commodity & Indian Indices:
The rupee traded against the US dollar at 76.249 whereas USD traded with BRL at 5.1125, Crude futures traded at Rs.1768, Crude WTI traded at $22.73. Indices ended in the red, sensex closed 469.60 points lower 30,690.02. Similarly, Nifty ended 118.05 points lower at 8,993.85.

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