ChiniMandi, Mumbai: Thursday 14th May 2020
Domestic Market: The market has been steady nationwide.
Maharashtra: S/30 Sugar rates are Rs.3080 to Rs.3100/Qntl.
South Karnataka: S/30 rates are Rs.3200 to Rs.3250 whereas M/30 rates are Rs.3300.
Uttar Pradesh: The rates for M/30 rates are Rs.3100 to Rs.3125/Qntl.
Gujarat: The rates for New S/30 are Rs.3130 to 3140 whereas M/30 are at 3330 to 3375/Qntl.
Tamil Nadu: S/30 Sugar rates are Rs.3265 to Rs.3380 whereas M/30 rates are Rs.3350 to 3375.
According to reports, sugar prices on Wednesday recovered from early losses and closed slightly higher on concern about a disruption of Brazil’s sugar supplies. The CEO of Brazil’s Santos port, Brazil’s biggest port, said that port workers are starting to fall ill from the spread of the coronavirus, which may lead to restricted operations at the port.
Sugar prices had earlier traded lower Wednesday as crude oil prices fell and as the Brazilian real sank to a new record low. Crude oil prices on Wednesday fell more than -2%, which is negative for ethanol prices and encourages Brazil’s mills to produce more sugar versus ethanol.
Sugar prices initially opened lower Tuesday morning with NY sugar at a 1-week low after Unica reported that Brazil Center-South sugar production in the second half of April surged +93% y/y to 2.016 MT, with the percentage of cane used for sugar climbing to 45.76% in 2020/21 from 30.87% in 2019/20. Unica on Tuesday also reported that Brazil’s sugarcane-based ethanol sales in April tumbled -32 y/y to 1.78 bln liters.
London White Sugar front month contract is trading at $355.10/tn whereas US Sugar front month contract is trading at 10.53/lb at the time of writing this update.
Currency, Commodity & Indian Indices: The rupee traded against the US dollar at 75.2615 whereas USD traded with BRL at 5.9467, Crude futures traded at Rs.1966, Crude WTI traded at $25.98. Indices ended in the red, sensex closed 885.72 points lower at 31,122.89. Similarly, Nifty ended -240.80 points lower at 9,142.75.