Daily Sugar Market Update By Vizzie – 22/04/2020

ChiniMandi, Mumbai: Wednesday 22nd 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.3260 to 3300 whereas M/30 rates are Rs.3280 to 3350/Qntl.
Uttar Pradesh: The rates for M/30 rates are Rs.3100 to Rs.3130/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 Tuesday sold off with Jul NY sugar at a contract low and London sugar at a 7-month low. The nearest-futures May NY sugar contract sank to an 11-3/4 year nearest-futures low. A collapse in crude oil prices is a major bearish factor for sugar prices as Jun WTI crude plunged more than 30% on Tuesday. 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.
London White Sugar front month contract is trading at $321/tn whereas US Sugar front month contract is trading at 9.72/lb at the time of writing this update.

Currency, Commodity & Indian Indices:
The rupee traded against the US dollar at 76.471 whereas USD traded with BRL at 5.3168, Crude futures traded at Rs.929, Crude WTI traded at $11.36. Indices ended in the green, Sensex closed 1742.84 points higher at 31,379.55. Similarly, Nifty ended 205.85 points higher at 9,187.30



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