Daily Sugar Market Update By Vizzie – 17/08/2020

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ChiniMandi, Mumbai: Monday 17th August 2020
Domestic Market: The market witnessed scanty demand nationwide.
In Maharashtra: S/30 Sugar rates from millers are ₹3140 to ₹3180/Qntl whereas M/30 ₹3240 to ₹3280.
South Karnataka: S/30 Sugar rates are ₹3370 to 3425 whereas, M/30 rates are ₹3475
Uttar Pradesh: The rates for M/30 are ₹3345 to 3375/Qntl.
Gujarat: The rates for New S/30 are ₹3251 to 3255 whereas M/30 are at ₹3275 to 3280/Qntl.
Tamil Nadu: S/30 Sugar rates are ₹3375 to 3460 whereas, M/30 rates are ₹3425 to 3500
(All the above rates are excluding GST)

International Market:
According to reports, on Friday sugar prices settled mixed with London sugar at a 1-3/4 month high. New York sugar on Friday fell back from a 5-1/2 month high and settled little changed on weakness in crude oil prices. The fund-buying of sugar futures sparked owing to the increased Chinese demand for Brazilian sugar. Sugar prices have support on concern that the surges in coronavirus cases in India may disrupt its harvest and sugar exports. Covid-19 cases in India, have risen above 1 million to be the third-most in the world behind the U.S. and Brazil.

White sugar of the season 2019/20 icumsa 100 ready delivery is trading at ₹24600 to ₹24800 on ex factory basis. The FOB indication For white sugar icumsa 100 Season 2019/20 is $371 to $373. London White Sugar front month contract is trading at $381.00/tn, whereas New York Sugar front month contract is trading at 13.14/lb at the time of writing this update.

Currency, Commodity & Indian Indices: The rupee traded against the US dollar at 74.810 whereas USD is trading with BRL at 5.4240, Crude futures traded at Rs.3142, Crude WTI traded at $41.95. Indian Indices ended in the green amid mixed global cues. Sensex closed 173.44 points higher at 38,050.78 whereas Nifty ended 68.70 points higher at 11,247.10.

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