Daily Sugar Market Update By Vizzie – 24/07/2020

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ChiniMandi, Mumbai: Friday 24th July 2020
Domestic Market: The market was stable.
Maharashtra: S/30 Sugar rates from millers are ₹3200 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 3355/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 ₹3400 to 3475 whereas, M/30 rates are ₹3450 to ₹3475.
(All the above rates are excluding GST)

International Market:
According to reports, on Thursday sugar prices fell back on weakness in crude oil prices and a slump in the Brazilian real. Crude oil prices on Thursday fell more than -1%, which undercuts ethanol prices and is bearish for sugar. Also, the Brazilian real tumbled -1.54% against the dollar on Thursday. The weaker real encourages export selling by Brazil’s sugar producers. London White Sugar front month contract is trading at $356.40/tn, whereas US Sugar front month contract is trading at 11.68/lb at the time of writing this update.

Currency, Commodity & Indian Indices:
The rupee traded against the US dollar at 74.834 whereas USD traded with BRL at 5.2115, Crude futures traded at Rs.3081, Crude WTI traded at $41.09. Indices ended in the red, sensex closed 11.57 points lower at 38,128.90. Similarly, Nifty ended 21.30 points lower at 11.194.15.

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