Daily Sugar Market Update By Vizzie – 20/07/2020

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ChiniMandi, Mumbai: Monday 20th July 2020
Domestic Market: The market witnessed moderate demand.
Maharashtra: S/30 Sugar rates from millers are ₹3180 to ₹3240/Qntl whereas M/30 ₹3280 to 3350
South Karnataka: The rates for S/30 are ₹3370 to 3400 and M/30 are ₹3450
Uttar Pradesh: The rates for M/30 are ₹3290 to 3350/Qntl.
Gujarat: The rates for New S/30 are ₹3311 to 3321 whereas M/30 are at ₹3341 to 3351/Qntl.
Tamil Nadu: S/30 Sugar rates are ₹3390 to 3475 whereas, M/30 rates are ₹3450 to 3475
(All the above rates are excluding GST)

International Market:
According to reports, on Friday sugar prices settled mixed with London sugar at a 1-week high. London sugar gained on concern that the surging Covid pandemic in India may disrupt its harvest and sugar exports after the number of cases rose above 1 million, the third-most in the world behind the U.S. and Brazil. NY sugar gave up its gains Friday and turned lower on weakness in the Brazilian real that fell -0.84% against the dollar. The weaker real encourages export selling by Brazil’s sugar producers. Sugar prices have recently seen downward pressure from weak demand.

London White Sugar front month contract is trading at $352.60/tn, whereas US Sugar front month contract is trading at 11.68/lb at the time of writing this update.

Currency, Commodity & Indian Indices:
The rupee traded against the US dollar at 74.783 whereas USD traded with BRL at 5.3870, Crude futures traded at Rs.3025, Crude WTI traded at $40.49. Indices ended in the green, sensex closed 398.85 points higher at 418.99. Similarly, Nifty ended 120.50 points higher at 11.022.20.

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