Daily Sugar Market Update By Vizzie – 17/06/2020

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ChiniMandi, Mumbai: Wednesday 17th June 2020
Domestic Market: Good demand has been witnessed nationwide.
Maharashtra: S/30 Sugar rates from millers are Rs.3170 to 3240 per Qntl whereas M/30 rates from millers are 3200 to 3260. In resale, S/30 Sugar was Rs.3160 to 3230.
South Karnataka: The rates for S/30 are Rs.3500 to 3510 whereas for M/30 are 3550 to 3550.
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.3500 to 3550.

International Market:
According to reports, on Tuesday sugar prices followed crude oil prices that rallied by more than +3%, which benefits 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.The overall sugar demand picture is bearish for sugar prices.

London White Sugar front month contract is trading at $388/tn whereas US Sugar front month contract is trading at 12.02/lb at the time of writing this update.

Currency, Commodity & Indian Indices:The rupee traded against the US dollar at 76.148 whereas USD traded with BRL at 5.2445, Crude futures traded at Rs.2876 Crude WTI traded at $37.75. Indices ended in the red, sensex closed 97.30 points lower at 33,507.92 Similarly, Nifty ended 32.85 points lower at 9,881.15.

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