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.
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.
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