ChiniMandi, Mumbai: Friday 24th April 2020
Domestic Market: The demand has been quite poor nationwide. 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.3150 whereas M/30 are at 3230/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, July NY world sugar #11 (SBN20) on Thursday settled unchanged for a second day, and Aug London white sugar #5 (SWQ20) closed down -2.60 (-0.80%). Sugar prices on Thursday settled unchanged to lower and consolidated mildly above the lows posted earlier this week. Jul NY sugar on Tuesday sank to at a contract low and London sugar fell to a 7-month low. The nearest-futures May NY sugar contract on Tuesday sank to an 11-3/4 year nearest-futures low. Sugar prices on Thursday were under pressure from Brazil sugar output figures after Brazil’s national crop agency, Conab, on Thursday issued its final estimate and said Brazil 2019/20 sugar production rose +2.6% y/y to 29.8 MMT.
Another negative for sugar is the persistent weakness in the Brazilian real. The real on Thursday fell -0.73% against the dollar and posted a new record low of 5.4983 reals/USD. A weaker real is bearish for sugar since it encourages export selling by Brazil’s sugar producers.
London White Sugar front month contract is trading at $319.50/tn whereas US Sugar front month contract is trading at 9.77/lb at the time of writing this update.
Currency, Commodity & Indian Indices:
The rupee traded against the US dollar at 76.217 whereas USD traded with BRL at 5.5352, Crude futures traded at Rs.1342, Crude WTI traded at $17.08.
Indices ended in the red, Sensex closed 535.86 points lower at 31,327.22. Similarly, Nifty ended 159.50 points lower at 9,154.40.