Daily Sugar Market Update By Vizzie – 21/04/2020

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ChiniMandi, Mumbai: Tuesday 21st April 2020
Domestic Market: The demand has been quite poor. Sugar millers are striving to sell the allocated quota for the month of April 2020.
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 settled sharply lower Monday on a plunge in crude oil prices and weakness in the Brazilian real. May WTI crude on Monday plunged to the lowest since the contract began trading in 1983. Weaker crude oil prices undercut ethanol prices and may prompt Brazil’s sugar mills to divert more cane crushing toward sugar production rather than ethanol production. Another negative for sugar is the persistent weakness in the Brazilian real against the dollar. The real today on Monday fell -1.41% to a 2-week low against the dollar and is just above the record low of 5.3528 reals/USD from April 3. A weaker real is bearish for sugar since it encourages export selling by Brazil’s sugar producers.

London White Sugar front month contract is trading at $322.20/tn whereas US Sugar front month contract is trading at 9.74/lb at the time of writing this update.

Currency, Commodity & Indian Indices:
The rupee traded against the US dollar at 76.993 whereas USD traded with BRL at 5.3169, Crude futures traded at Rs.1328, Crude WTI traded at $15.70.
Indices ended on a flat note, Sensex closed 1011.29 points lower 30,363.71. Similarly, Nifty ended 280.40 points lower at 8981.45.

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