Daily Sugar Market Update By Vizzie – 20/04/2020

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ChiniMandi, Mumbai: Monday 20th 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.3040 to Rs.3100/Qntl.
South Karnataka: S/30 rates are Rs.3250 to 3300 whereas M/30 rates are Rs.3400 to 3450/Qntl.
Uttar Pradesh: The rates for M/30 rates are Rs.3100 to Rs.3180/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.3350 to Rs.3450 whereas M/30 rates are Rs.3400 to 3450.

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.

London White Sugar front month contract is trading at $330.90/tn whereas US Sugar front month contract is trading at 10.11/lb at the time of writing this update.

Currency, Commodity & Indian Indices:
The rupee traded against the US dollar at 76.554 whereas USD traded with BRL at 5.2735, Crude futures traded at Rs.965, Crude WTI traded at $21.95. Indices ended on a flat note, Sensex closed 59.28 points higher 31,6487. Similarly, Nifty ended -4.90 points lower at 9261.85 .

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