Daily Sugar Market Update By Vizzie – 24/09/2020

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ChiniMandi, Mumbai: Thursday 24th September 2020

Domestic Market: The market did not witness any major movement.
In Maharashtra: S/30 Sugar rates from millers are ₹3170/Qntl whereas M/30 ₹3240 to ₹3260.

South Karnataka: S/30 Sugar rates are ₹3250 to ₹3300 whereas, M/30 rates are ₹3275.

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 ₹3325 to 3400 whereas, M/30 rates are ₹3375 to 3450.

(All the above rates are excluding GST)

International Market: According to reports, on Wednesday sugar prices closed lower after climbing to a high. Sugar prices held support from Tuesday 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 $374.60/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 74.001 whereas USD was trading with BRL at 5.5987, Crude futures traded at Rs.2952, Crude WTI traded at $39.87 a barrel. Indian Indices ended in the red. Sensex closed 1114.82 points lower at 36,553.60 whereas Nifty ended 326.30points lower at 10,805.55

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