Daily Sugar Market Update By Vizzie – 19/08/2020

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ChiniMandi, Mumbai: Wednesday 19th August 2020

Domestic Market: The market witnessed scanty demand nationwide.
In Maharashtra: S/30 Sugar rates from millers are ₹3140 to ₹3170/Qntl whereas M/30 ₹3240 to 3270

South Karnataka: S/30 Sugar rates are ₹3360 to 3425 whereas, M/30 rates are ₹3450.

Uttar Pradesh: The rates for M/30 are ₹3304 to 3340/Qntl.

Gujarat: The rates for New S/30 are ₹3251 to 3255 whereas M/30 are at ₹3281 to 3291/Qntl.

Tamil Nadu: S/30 Sugar rates are ₹3375 to 3475 whereas, M/30 rates are ₹3450 to 3525.

(All the above rates are excluding GST)

International Market:
Sugar prices continued to witness downward pressure from Monday’s sharp -1.64% sell-off in the Brazilian real versus the dollar to a new 2-3/4 month low.

As the Indian sugar industry is heading towards the end of the sugar season with successfully exporting approx 90 pct out of 6 million tons, most of the sugar export quota has already been absorbed hence there are no offers in the market for the ex mill sale.
FOB indication for white sugar icumsa 100 Season 2019/20 is $371 to $373.

London White Sugar front month contract is trading at $375.50/tn, whereas New York Sugar front month contract is trading at 12.97/lb at the time of writing this update.

Currency, Commodity & Indian Indices: The rupee traded against the US dollar at 74.828 whereas USD is trading with BRL at 5.4674, Crude futures traded at Rs.3178, Crude WTI traded at $42.75. Indian Indices ended in the green.

Sensex closed 86.47 points higher at 38,614.79 whereas Nifty ended 23.05 points higher at 11,408.40

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