Daily Sugar Market Update By Vizzie – 17/09/2020

ChiniMandi, Mumbai: Thursday, 17th September 2020

Domestic Market: The market continued to remain stable nationwide.
In Maharashtra: S/30 Sugar rates from millers are ₹3170/Qntl whereas M/30 ₹3240 to 3260.

South Karnataka: S/30 Sugar rates are ₹3290 to 3400 whereas, M/30 rates are ₹3450 to 3500.

Uttar Pradesh: The rates for M/30 are ₹3360 to 3400/Qntl.

Gujarat: The rates for New S/30 are ₹3231 to 3235 whereas M/30 are at ₹3251 to 3261/Qntl.

Tamil Nadu: S/30 Sugar rates are ₹3390 to 3450 whereas, M/30 rates are ₹3450 to 3500.

(All the above rates are excluding GST)

International Market: According to reports, on Wednesday sugar prices pushed higher throughout the day with New York sugar at a 1-1/2 week high and London sugar at a 1-week high. A rally in crude oil prices of more than +4% to a 1-1/2 week high sparked short-covering in sugar futures.

London White Sugar front month contract is trading at $359.60/tn, whereas New York Sugar front month contract is trading at 12.33/lb at the time of writing this update.

Currency, Commodity & Indian Indices: The rupee traded against the US dollar at 73.648 whereas USD was trading with BRL at 5.2783, Crude futures traded at Rs.2928, Crude WTI traded at $39.77 a barrel. Indian Indices ended in the red. Sensex closed 323 points lower at 38,979.85 whereas Nifty ended 88.45 points lower at 11,516.10.

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