Daily Sugar Market Update By Vizzie – 25/08/2020

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ChiniMandi, Mumbai: Tuesday 25th 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 Monday sugar prices fell to 2-week lows on expectations for increased Brazil sugar output. Sugar prices yesterday saw bearish carry-over from last week’s hike by Conab in its Brazil sugar output forecast. Brazil’s national crop forecasting agency Conab raised its forecast last week for Brazil’s 2020-21 (Apr/Mar) sugar output by +11% to 39.3 million metric tons from May’s estimate of 35.3 million MT and 2019-20 production of 29.8 million MT. Conab raised its forecast for Brazil’s Center-South 2020-21 sugar output to 35.7 million MT from May’s 31.8 million MT. Brazil’s sugar mills are expected to divert 46.4% of sugarcane to refined production, up from 34.9% in 2019-20 due to weak ethanol prices and demand.

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 $364.80/tn, whereas New York Sugar front month contract is trading at 12.64/lb at the time of writing this update.

Currency, Commodity & Indian Indices: The rupee traded against the US dollar at 74.223 whereas USD is trading with BRL at 5.808, Crude futures traded at Rs.3,189, Crude WTI traded at $42.89. Indian Indices ended in the green. Sensex closed 44.80 points higher at 38,843.88 whereas Nifty ended 5.80 points higher at 11,472.25.

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