Daily Sugar Market Update By Vizzie – 21/05/2020

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ChiniMandi, Mumbai: Thursday 21st 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.3270 to Rs.3350 whereas M/30 rates are Rs.3350 to 3375.

International Market:
According to reports, on Wednesday New York sugar and London Sugar prices rallied supported by a jump in crude oil prices. Higher crude oil prices benefit ethanol prices and may prompt Brazil’s sugar mills to divert more cane crushing toward ethanol production rather than sugar production, thus curbing sugar supplies. Sugar also moved higher on strength in the Brazilian real. The real on Wednesday rose +0.88% to a 2-week high against the dollar as it attempted to stay above last Thursday’s record low of 5.970 reals/USD. Strength in the real is bullish for sugar since it discourages export selling by Brazil’s sugar producers.

London White Sugar front month contract is trading at $370.20/tn whereas US Sugar front month contract is trading at 11.31/lb at the time of writing this update.

Currency, Commodity & Indian Indices: The rupee traded against the US dollar at 75.470 whereas USD traded with BRL at 5.6930, Crude futures traded at Rs.2598 Crude WTI traded at $34.14. Indices ended in the green, sensex closed 114.29 points higher at 30,932.90. Similarly, Nifty ended 39.70 points higher at 9,106.25.

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