Daily Sugar Market Update By Vizzie – 16/05/2020

266

ChiniMandi, Mumbai: Saturday 16th May 2020
Domestic Market: The market witnessed steadiness in the market 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.

International Market:
According to reports, sugar prices on Friday settled mixed with London sugar at a 2-1/4 month high. Weakness in the Brazilian real against the dollar on Friday undercut NY sugar while strength in crude oil and weakness in the British pound gave London sugar prices a lift.

NY sugar fell back from a 1-week high Friday and turned lower on weakness in the Brazilian real against the dollar. The real on Friday fell -0.37% but remained above Thursday’s 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.

WTI crude oil on Friday rallied more than +6% to a 6-week 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.

To Listen to this News click on the play button.

LEAVE A REPLY

Please enter your comment!
Please enter your name here