Daily Sugar Market Update By Vizzie – 25/06/2020

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ChiniMandi, Mumbai: Thursday 25th June 2020
Domestic Market: The market was steady nationwide.
Maharashtra: S/30 Sugar rates from millers are ₹3160 to ₹3190/Qntl whereas ₹3210 to 3220.
South Karnataka: The rates for S/30 are ₹3425/Qntl whereas for M/30 are at ₹3475/Qntl
Uttar Pradesh: The rates for M/30 are ₹3380 to ₹3440/Qntl.
Gujarat: The rates for New S/30 are ₹3271 to 3291 whereas M/30 are at ₹3281 to 3321/Qntl.
Tamil Nadu: S/30 Sugar rates are ₹3350 to Rs.3475 whereas, M/30 rates are ₹3420 to 3525.
(All the above rates are excluding GST)

International Market:
According to reports, on Wednesday sugar prices retreated with NY sugar at a 1-week low and London sugar at a 3-1/2 week low. A slump in crude oil prices along with a sharp drop in the Brazilian real against the dollar on Wednesday fueled fund selling in sugar futures. Crude oil prices on Wednesday fell by more than -5%, which undercut ethanol prices and may prompt Brazil’s sugar mills to divert more cane crushing to sugar production rather than ethanol production, thus boosting sugar supplies. The Brazilian real on Wednesday tumbled more than -3% against the dollar, which encourages export selling by Brazil’s sugar producers.

London White Sugar front month contract is trading at $354.00/tn, whereas US Sugar front month contract is trading at 11.69/lb at the time of writing this update.

Currency, Commodity & Indian Indices: The rupee traded against the US dollar at 75.647 whereas USD traded with BRL at 5.3347, Crude futures traded at Rs.2815, Crude WTI traded at $37.15. Indices ended in the red, sensex closed 26.88 points lower at 34,842.10. Similarly, Nifty ended 16.40 points lower at 10,288.90.

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