Daily Sugar Market Update By Vizzie – 14/09/2020

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ChiniMandi, Mumbai: Monday,14th September 2020

Domestic Market: The market continued to remain stable nationwide.
In Maharashtra: S/30 Sugar rates from millers are ₹3170/Qntl whereas M/30 ₹3240 to 3260

South Karnataka: S/30 Sugar rates are ₹3300 to 3400 whereas, M/30 rates are ₹3325 to 3450.

Uttar Pradesh: The rates for M/30 are ₹3360 to 3400/Qntl.

Gujarat: The rates for New S/30 are ₹3231 to 3235 whereas M/30 are at ₹3251 to 3261/Qntl.

Tamil Nadu: S/30 Sugar rates are ₹3390 to 3450 whereas, M/30 rates are ₹3450 to 3500.

(All the above rates are excluding GST)

International Market: According to reports, on Friday sugar prices settled higher. New York sugar recovered from a 1-1/2 month low and closed slightly higher after a weak dollar sparked pre-weekend short-covering in sugar futures. London sugar also moved higher on weakness in the British pound as GBP/USD dropped to a 7-week low. Weakness in GBP/USD boosts sugar that is priced in sterling.

London White Sugar front month contract is trading at $355.60/tn, whereas New York Sugar front month contract is trading at 11.84/lb at the time of writing this update.

Currency, Commodity & Indian Indices: The rupee traded against the US dollar at 73.453 whereas USD is trading with BRL at 5.3105, Crude futures traded at Rs.2731, Crude WTI traded at $37.18 a barrel. Indian Indices ended in the red. Sensex closed 97.92 points lower at 38,756.63 whereas Nifty ended 24.40 points lower at 11,440.05.

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