ChiniMandi, Mumbai: Tuesday 24th March 2020
Domestic Market: With the growing fears of coronavirus nationwide that has led to lockdown in almost all the states has affected trades and made the entire market stuck at a position. Mills are left in a worrisome condition of piling sugar stocks and cane dues.
Maharashtra: S/30 Sugar rates are Rs.3050 to Rs.3140/Qntl.
South Karnataka: S/30 rates are Rs.3250 to Rs. 3275 whereas M/30 rates are Rs.3270/Qntl.
Uttar Pradesh: The rates for M/30 rates are Rs.3180 to Rs.3260/Qntl.
Gujarat: The rates for M/30 are 3270 to 3300/Qntl.
Kolkata: The rates for S/30 are Rs.3470 to Rs.3480 whereas M/30 trades rates are Rs.3510 to Rs.3530/Qntl.
Tamil Nadu: S/30 Sugar rates are Rs.3260 to Rs.3350 whereas M/30 rates are Rs.3325 to Rs.3340/Qntl.
*All the domestic rates except Kolkata are excluding GST
According to reports, on Monday sugar prices settled mixed. Sugar prices found support on concern about sugar transportation and logistical disruptions, but are being undercut by weak crude oil prices and a slide in the Brazilian real.
Also, concern continues about weaker sugar demand due to the coronavirus pandemic. WTI crude oil on Monday moved lower but stayed modestly above last Wednesday’s 18-year low. The plunge in crude oil prices is 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.
London White Sugar front month contract is trading at $344.70/tn whereas US Sugar front month contract is trading at 11.32/lb at the time of writing this update.
Currency, Commodity & Indian Indices:
The rupee traded against the US dollar at 75.955 whereas USD traded with BRL at 5.0821, Crude futures traded at Rs.1912, Crude WTI traded at $23.99. Indian Indices ended in the green amid a volatile session. Sensex closed 692.79 points higher at 26,674.03 whereas Nifty ended 190.80 points higher at 7,801.05