Daily Sugar Market Update By Vizzie – 18/04/2020

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ChiniMandi, Mumbai: Saturday 18th April 2020
Domestic Market: Trades in larger quantities have not been taking place smoothly ever since the nationwide lockdown has been announced.
Maharashtra: S/30 Sugar rates are Rs.3050 to Rs.3140/Qntl.
South Karnataka: S/30 rates are Rs.3300 to 3350 whereas M/30 rates are Rs.3325 to 3400/Qntl.
Uttar Pradesh: The rates for M/30 rates are Rs.3180 to Rs.3260/Qntl.
Gujarat: The rates for New S/30 are Rs.3180 whereas M/30 are at 3250/Qntl.
Tamil Nadu: S/30 Sugar rates are Rs.3400 to Rs.3500 whereas M/30 rates are Rs.3450 to 3575.
Kolkata: The rates for S/30 are Rs.3560 to Rs.3570 whereas M/30 rates are at Rs.3600/Qntl.
*All the domestic rates except Kolkata are excluding GST

International: According to reports, sugar prices on Friday moved higher with London sugar at a 3-week high on concern about supply disruptions in India. The Indian Sugar Mills Association reported that sugar production in India dropped sharply by -21% y/y to 24.78 MMT during Oct-Apr 15. The CEO of the Indian Sugar Exim Corp said on Mar 27 that India will miss its sugar export target for this year of 5 MMT because the coronavirus pandemic is causing a shortage of labor at ports and sugar mills. Several ports and terminals in India have declared force majeure due to shutdowns from the pandemic. The Indian Sugar Mills Association (ISMA) Mar 25 said that India’s cane crushing may be affected during the 3-week long lockdown imposed by the Indian government to slow the spread of the coronavirus.

Currency, Commodity & Indian Indices:

Indian Indices rallied after RBI’s announcement on liquidity boosting measures to support the economy amid coronavirus pandemic. Market Experts expect volatility in the coming week too.

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