Daily Sugar Market Update By Vizzie – 15/06/2020

ChiniMandi, Mumbai: Monday 15th June 2020
Domestic Market: The market sentiments have been prevailing to be positive with a variety of factors like easing of lockdown around the nation, rumours of hike of Minimum Selling Price and refill in the pipeline. Therefore a good demand was witnessed nationwide. According to the bullish movement witnessed today, sugar traders are assuming that millers may have sold 65 to 70% accumulated Quota i.e. unsold quota of May and Quota of June 2020. In the morning, ther market opened stable however mid-day, demand started picking and prices started taking a jump.

Maharashtra: The prices took a jump of Rs.30 to 50 today. S/30 Sugar rates from millers are Rs.3140 to 3200 per Qntl whereas M/30 rates from millers are 3175 to 3230. In resale, S/30 Sugar was Rs.3140 to 3200. Today sugar tenders have been sold at Rs.50 to 60 Rs higher than that of Saturday.
South Karnataka: The rates for S/30 are Rs.3375 to 3500 whereas for M/30 are 3440 to 3550.
Uttar Pradesh: The rates for M/30 are Rs.3350 to 3360,
Gujarat: The rates for New S/30 are Rs.3191 to 3200 whereas M/30 are at Rs.3220 to 3250/Qntl.
Tamil Nadu: S/30 Sugar rates are Rs.3400 to Rs.3500 whereas, M/30 rates are Rs.3450 to 3550.

International Market:
According to reports, Sugar prices on Friday fell to 1-week lows on increased Brazil sugar output and slack ethanol demand. Sugar prices were also under pressure Friday from weakness in crude oil and the Brazilian real. WTI crude oil fell to a 1-1/2 week low Friday.

London White Sugar front month contract is trading at $383.40/tn whereas US Sugar front month contract is trading at 11.87/lb at the time of writing this update.

Currency, Commodity & Indian Indices:The rupee traded against the US dollar at 76.092 whereas USD traded with BRL at 5.0515, Crude futures traded at Rs.2691, Crude WTI traded at $35.37. Indices ended in the red, sensex closed 552.09 points lower at 33,228.80. Similarly, Nifty ended 159.20 points lower at 9,813.70.

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