Daily Sugar Market Update By Vizzie – 14/04/2020

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ChiniMandi, Mumbai: Tuesday 14th April 2020
Domestic Market: Trades in larger quantities have not been taking place smoothly ever since the nationwide lockdown has been announced.
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: According to reports, NY sugar prices on Monday fell sharply to a 1-week low and are attempting to hold above the 1-1/2 year low posted on Apr 1. Sugar came under pressure Monday after Archer Consulting said that Brazil 2020/21 sugar output may jump +35% y/y to 35.8 MMT and 2020/21. Archer also said that Brazil ethanol production will decline by -20% y/y to 26.2 billion liters as the recent plunge in crude prices will prompt Brazil’s sugar mills to divert more cane crushing to make sugar rather than ethanol.

London White Sugar front month contract is trading at $352.90/tn whereas US Sugar front month contract is trading at 10.19/lb at the time of writing this update.

Currency, Commodity & Indian Indices:
The rupee traded against the US dollar at 76.169 whereas USD traded with BRL at 5.2007, Crude Crude WTI traded at $21.82. Commodities and Indices did not trade due to a holiday at BSE & NSE on account of Ambedkar Jayanti.

 

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