Daily Sugar Market Update By Vizzie – 23/09/2020

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ChiniMandi, Mumbai: Wednesday 23rd September 2020

Domestic Market: The market witnessed stability nationwide.
In Maharashtra: S/30 Sugar rates from millers are ₹3170/Qntl whereas M/30 ₹3240 to 3260

South Karnataka: S/30 Sugar rates are ₹3290 to 3335 whereas, M/30 rates are ₹3325.

Uttar Pradesh: The rates for M/30 are ₹3360 to 3400/Qntl.

Gujarat: The rates for New S/30 are ₹3231 to 3235 whereas M/30 are at ₹3251 to 3261/Qntl.

Tamil Nadu: S/30 Sugar rates are ₹3390 to 3450 whereas, M/30 rates are ₹3450 to 3500.

(All the above rates are excluding GST)

International Market: According to reports, on Tuesday sugar prices rose to 4-week high after the U.S. raised Brazil’s sugar export quotas to the U.S. by 80,000 MT to 310,000 MT. Another factor was, the USDA’s Foreign Agricultural Service (FAS) cutting its Australia 2020/21 sugar production estimate to 4.3 MMT from an April forecast of 4.5 MMT and to cut its Australia 2020/21 sugar export estimate to 3.40 MMT from an April forecast of 3.54 MMT.

London White Sugar front month contract is trading at $373.70/tn, whereas New York Sugar front month contract is trading at 12.99/lb at the time of writing this update.

Currency, Commodity & Indian Indices:
The rupee traded against the US dollar at 73.466 whereas USD was trading with BRL at 5.4719, Crude futures traded at Rs.2935, Crude WTI traded at $39.89 a barrel. Indian Indices ended in the red. Sensex closed 65.66 points lower at 37,668.42 whereas Nifty ended 21.80 points lower at 11,131.85

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