Daily Sugar Market Update By Vizzie – 26/03/2020

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ChiniMandi, Mumbai: Thursday 26th March 2020
Domestic Market: With the lockdown nationwide, trades in larger quantities aren’t taking place smoothly. The Government allocated the sugar sale quota for the month of April 2020 that stands at 18 LMT.
Maharashtra: S/30 Sugar rates are Rs.3050 to Rs.3140/Qntl.
South Karnataka: S/30 rates are Rs.3250 to Rs. 3275 whereas M/30 rates are Rs.3270/Qntl.
Uttar Pradesh: The rates for M/30 rates are Rs.3180 to Rs.3260/Qntl.
Gujarat: The rates for M/30 are 3270 to 3300/Qntl.
Kolkata: The rates for S/30 are Rs.3470 to Rs.3480 whereas M/30 trades rates are Rs.3510 to Rs.3530/Qntl.
Tamil Nadu: S/30 Sugar rates are Rs.3260 to Rs.3350 whereas M/30 rates are Rs.3325 to Rs.3340/Qntl.
*All the domestic rates except Kolkata are excluding GST

International Market:
According to reports, NY sugar on Wednesday rallied to a 1-1/2 week high on concern about supply disruptions. In India, several ports and terminals have declared force majeure due to shutdowns from the coronavirus pandemic. The Indian Sugar Mills Association (ISMA) on Wednesday said that India’s cane crushing may be affected during the 3-week long lockdown imposed by the Indian government to slow the spread of the coronavirus.

Strength in the Brazilian real Wednesday was also positive for sugar as the real rallied +1.97% to a 1-week high against the dollar as it recovers from last Wednesday’s record low of 5.2523 reals/USD. A stronger real discourages export selling by Brazil’s sugar producers

London White Sugar front month contract is trading at $343.90/tn whereas US Sugar front month contract is trading at 11.50/lb at the time of writing this update.

Currency, Commodity & Indian Indices:
The rupee traded against the US dollar at 75.154 whereas USD traded with BRL at 4.9970, Crude futures traded at Rs.1868, Crude WTI traded at $23.72. Indian Indices ended in the green amid a volatile session. Sensex closed 1410.99 points higher at 29,946.77 whereas Nifty ended 323.60 points higher at 8,641.45.

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