Daily Sugar Market Update By Vizzie – 23/05/2020

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ChiniMandi, Mumbai: Saturday 23rd May 2020
Domestic Market: With the ongoing lockdown, sugar millers have been striving hard to sell the allocated quota of May 2020, the market has been witnessing scanty demand nationwide. Millers are hopeful that the demand will pick in the coming days.
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, the week ended with sugar prices settling mixed. New York sugar prices were undercut by weakness in crude oil and the Brazilian real, however London sugar received a boost from weakness in GBP/USD. Crude oil prices fell nearly -2%, which was negative for ethanol prices and may prompt Brazil’s sugar mills to divert more cane crushing toward sugar production rather than ethanol production, thus boosting sugar supplies. Ongoing weakness in the Brazilian real is bearish for sugar prices. The real on Friday fell -0.15% against the dollar as it attempted to stay above last Thursday’s record low of 5.970 reals/USD. Weakness the real is bearish for sugar since it encourages export selling by Brazil’s sugar producers.

Currency, Commodity & Indian Indices: Indian Rupee closed with losses owing to the weak cues from the Indian equity market. The rupee closed at 75.96 against the US dollar. Indian indices ended with losses too hauled by the financials.

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