Daily Sugar Market Update By Vizzie – 16/06/2020

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ChiniMandi, Mumbai: Tuesday 16th 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.
Maharashtra: The prices took a jump of Rs.30 to 40 today. S/30 Sugar rates from millers are Rs.3180 to 3250 per Qntl whereas M/30 rates from millers are 3210 to 3270. In resale, S/30 Sugar was Rs.3170 to 3240.
South Karnataka: The rates for S/30 are Rs.3500 to 3510.
Uttar Pradesh: The rates for M/30 are Rs.3450 to 3460,
Gujarat: The rates for New S/30 are Rs.3221 to 3230 whereas M/30 are at Rs.3251 to 3260/Qntl.
Tamil Nadu: S/30 Sugar rates are Rs.3430 to Rs.3550 whereas, M/30 rates are Rs.3480 to 3550.

International Market:
According to reports, on Monday sugar prices recovered from early losses and closed higher as they tracked crude oil prices, which erased an early decline Monday and moved higher. Higher crude prices benefit ethanol prices and may prompt Brazil’s sugar mills to divert more cane crushing to ethanol production rather than sugar production, thus reducing sugar supplies.

London White Sugar front month contract is trading at $392.30/tn whereas US Sugar front month contract is trading at 12.22/lb at the time of writing this update.

Currency, Commodity & Indian Indices:The rupee traded against the US dollar at 76.073 whereas USD traded with BRL at 5.0616, Crude futures traded at Rs.2918 Crude WTI traded at $38.31. Indices ended in the green, sensex closed 376.42 points higher at 33,605.22. Similarly, Nifty ended 100.30 points higher at 9,914.00.

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