Daily Sugar Market Update By Vizzie – 24/08/2020

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ChiniMandi, Mumbai: Monday 24th August 2020
Domestic Market:The market was stable.
In Maharashtra: S/30 Sugar rates from millers are ₹3140 to ₹3170/Qntl whereas M/30 ₹3240 to 3270
South Karnataka: S/30 Sugar rates are ₹3350 to 3425 whereas, M/30 rates are ₹3410 to 3450.
Uttar Pradesh: The rates for M/30 are ₹3370 to 3400/Qntl.
Gujarat: The rates for New S/30 are ₹3251 to 3255 whereas M/30 are at ₹3281 to 3291/Qntl.
Tamil Nadu: S/30 Sugar rates are ₹3350 to 3475 whereas, M/30 rates are ₹3450 to 3525.
(All the above rates are excluding GST)

International Market:According to reports, on Friday sugar prices sold off fairly sharply and continued to consolidate below last Friday’s 5-1/2 month high. Bearish factors included Friday’s sharp sell-off in crude oil prices and the sell-off in the Brazilian real.

As the Indian sugar industry is heading towards the end of season, approximately 90 percent out of 6 million tons sugar export quota is already being absorbed hence there are no offers in the market for the ex mill sale. FOB indication For white sugar icumsa 100 Season 2019/20 is $369 to $372.

London White Sugar front month contract is trading at $373.00/tn, whereas New York Sugar front month contract is trading at 12.90/lb at the time of writing this update.

Currency, Commodity & Indian Indices: The rupee traded against the US dollar at 74.117 whereas USD is trading with BRL at 5.3207, Crude futures traded at Rs.3,167, Crude WTI traded at $42.63. Indian Indices ended in the green. Sensex closed 364.36 points higher at 38,799.08 whereas Nifty ended 94.85 points higher at 11,466.45.

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