Daily Sugar Market Update By Vizzie – 20/05/2020

ChiniMandi, Mumbai: Wednesday 20th May 2020
Domestic: Market: The market witnessed steadiness in the market nationwide.
Maharashtra: S/30 Sugar rates are Rs.3080 to Rs.3125/Qntl.
South Karnataka: S/30 rates are Rs.3220 to Rs.3250 whereas M/30 rates are Rs.3300.
Uttar Pradesh: The rates for M/30 rates are Rs.3120 to Rs.3140/Qntl.
Gujarat: The rates for New S/30 are Rs.3140 to 3150 whereas M/30 are at 3180 to 3190/Qntl.
Tamil Nadu: S/30 Sugar rates are Rs.3265 to Rs.3350 whereas M/30 rates are Rs.3350 to 3375.

International Market:
According to reports, on Tuesday sugar prices NY sugar closed at a 2-week high and London sugar at a 2-1/2 month high. Stronger crude oil prices supported gains in sugar as WTI crude oil rose +1%, just below Monday’s 2-month high. Higher crude oil prices benefit ethanol prices and are likely to prompt Brazil’s sugar mills to divert more cane crushing toward ethanol production rather than sugar production, thus curbing sugar supplies.

London White Sugar front month contract is trading at $364.70/tn whereas US Sugar front month contract is trading at 10.95/lb at the time of writing this update.

Currency, Commodity & Indian Indices: The rupee traded against the US dollar at 75.641 whereas USD traded with BRL at 5.7559, Crude futures traded at Rs.2459 Crude WTI traded at $32.26. Indices ended in the green, sensex closed 622.44 points higher at 30,818.61. Similarly, Nifty ended 187.45 points higher at 9066.55.

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