ChiniMandi, Mumbai: Friday 15th 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 sugar prices on Thursday jumped to a 1-week high on strength in crude oil prices. WTI crude oil rose more than +7% on Thursday to a 1-month high, which benefits ethanol prices and may prompt Brazil’s sugar mills to divert more cane crushing toward ethanol production rather than sugar production, thus curbing sugar supplies. Sugar prices still have carry-over support from Wednesday when 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 and disruption of sugar exports. Ongoing weakness in the Brazilian real is a major bearish factor for sugar prices. The real on Thursday tumbled to a fresh record low of 5.970 reals/USD. The weakness in the real is bearish for sugar since it encourages export selling by Brazil’s sugar producers.
London White Sugar front month contract is trading at $362.00/tn whereas US Sugar front month contract is trading at 10.54/lb at the time of writing this update.
Currency, Commodity & Indian Indices: The rupee traded against the US dollar at 75.881 whereas USD traded with BRL at 5.8488, Crude futures traded at Rs.2150 Crude WTI traded at $28.37. Indices ended in the red, sensex closed 25.16 points lower at 31,097.73. Similarly, Nifty ended -5.90 points lower at 9,136.85.
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