Daily Sugar Market Update By Vizzie – 25/04/2020

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ChiniMandi, Mumbai: Saturday 25th 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, Sugar prices on Friday retreated with Jun NY sugar at a new contract low and Aug London sugar at a 7-1/4 moth low. The nearest-futures May NY sugar contract closed just above Tuesday’s 11-3/4 year nearest-futures low. Ample global sugar supplies are weighing on prices. 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. Fund selling of sugar futures picked up Friday after the Brazilian real plummeted against the dollar. The real on Friday plunged by -3.37% against the dollar and posted a new record low of 5.7456 reals/USD. A weaker real is bearish for sugar since it encourages export selling by Brazil’s sugar producers.

Currency, Commodity & Indian Indices:

Indian Indices were trading volatile throughout the week and ended with losses. Market Experts expect volatility in the coming week too.

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