Daily Sugar Market Update By Vizzie – 15/04/2020

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ChiniMandi, Mumbai: Wednesday 15th 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, Sugar prices on Tuesday retreated with NY sugar prices at a new 1-1/2 year low. Sugar prices are under pressure from ample supplies and weakness in crude oil prices. Sugar prices were undercut by Tuesday’s report from Unica that Brazil’s 2019/20 Center-South sugar production during Oct-March rose +0.83% y/y to 26.729 MMT. Also, Unica reported Tuesday that Brazil Center-South Mar ethanol domestic sales dropped -17.7% y/y to 1.37 billion liters, a sign of weak ethanol demand that may prompt Brazil’s sugar mills to divert more cane crushing toward sugar production

London White Sugar front month contract is trading at $349.00/tn whereas US Sugar front month contract is trading at 10.07/lb at the time of writing this update.

Currency, Commodity & Indian Indices:
The rupee traded against the US dollar at 76.522 whereas USD traded with BRL at 5.2447, Crude futures traded at Rs.1522, Crude WTI traded at $20.00 Indices ended in the red, sensex closed 310.21 points lower 30,379.81. Similarly, Nifty ended 68.55 points lower at 8925.30.

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