Daily Sugar Market Update By Vizzie – 22/07/2020

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ChiniMandi, Mumbai: Wednesday 22nd July 2020
Domestic Market: The market was stable.
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 ₹3350 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 whereas M/30 are at ₹3331 to 3341/Qntl.
Tamil Nadu: S/30 Sugar rates are ₹3385 to 3475 whereas, M/30 rates are ₹3450 to 3475
(All the above rates are excluding GST)

International Market: According to reports, on Tuesday sugar prices settled mixed with London sugar at a 2-1/2 week high. NY sugar gave up its early gains and closed lower due to ongoing demand concerns. A rally in crude oil and a jump in the Brazilian real sparked gains in sugar prices. Crude oil prices rose by more than +2% Tuesday to a 4-1/2 month high, which is supportive of ethanol prices and may push Brazil’s sugar mills to divert more cane crushing toward ethanol production rather than sugar production, thus reducing sugar supplies.

London White Sugar front month contract is trading at $357.10/tn, whereas US Sugar front month contract is trading at 11.74/lb at the time of writing this update.

Currency, Commodity & Indian Indices: The rupee traded against the US dollar at 74.563 whereas USD traded with BRL at 5.1707, Crude futures traded at Rs.3093, Crude WTI traded at $41.36. Indices ended in the red, sensex closed 58.81 points lower at 37,871.52. Similarly, Nifty ended 29.65 points lower at 11.132.60.

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