Daily Sugar Market Update By Vizzie – 14/07/2020

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ChiniMandi, Mumbai: Tuesday 14th July 2020
Domestic Market: With the rumours of a hike in Minimum Selling Price of sugar the market witnessed quite good demand nationwide.
Maharashtra: S/30 Sugar rates from millers are ₹3210 to ₹3250/Qntl whereas M/30 ₹3310 to ₹3350.
South Karnataka: The rates for S/30 are ₹3360 to 3400 and M/30 are ₹3450
Uttar Pradesh: The rates for M/30 are ₹3325/Qntl.
Gujarat: The rates for New S/30 are ₹3301 whereas M/30 are at ₹3331/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 Monday sugar prices settled lower for a fourth session, with NY sugar at a 2-week low and London sugar at a 6-week low. Sugar supplies are robust after Unica reported last Thursday that Brazil’s Center-South sugar production in the second half of June rose +23.3% y/y to 2.728 MMT, with the percentage of cane used for sugar climbing to 47.42% in 2020/21 from 37.06% in 2019/20. On the bullish side for sugar, however, Unica also reported that total exports of ethanol by Brazil Center-South mills in June rose +44% y/y to 267 mln liters, which indicates pressure for less sugar production and more ethanol production.

London White Sugar front month contract is trading at $338.30/tn, whereas US Sugar front month contract is trading at 11.35/lb at the time of writing this update.

Currency, Commodity & Indian Indices: The rupee traded against the US dollar at 75.428 whereas USD traded with BRL at 5.3873, Crude futures traded at Rs.2968, Crude WTI traded at $39.35. Indices ended in the red, sensex closed 660.63 points lower at 36,033.06. Similarly, Nifty ended 195.35 points lower at 10,607.35.

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