Daily Sugar Market Update By Vizzie – 27/04/2020

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ChiniMandi, Mumbai:Monday 27th April 2020
Domestic Market: The demand has been quite poor nationwide.
Maharashtra: S/30 Sugar rates are Rs.3040 to Rs.3100/Qntl.
South Karnataka: S/30 rates are Rs.3240 to 3275 whereas M/30 rates are Rs.3275 to 3300/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.3170 whereas M/30 are at 3220 to 3240/Qntl.
Tamil Nadu: S/30 Sugar rates are Rs.3275 to Rs.3400 whereas M/30 rates are Rs.3350 to 3425.

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 month 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.

London White Sugar front month contract is trading at $314/tn whereas US Sugar front month contract is trading at 9.69/lb at the time of writing this update.

Currency, Commodity & Indian Indices:
The rupee traded against the US dollar at 76.160 whereas USD traded with BRL at 5.5913, Crude futures traded at Rs.1112, Crude WTI traded at $14.27. Indices ended in the green, Sensex closed 415.86 points higher at 31,743.08. Similarly, Nifty ended 127.90 points higher at 9,282.30

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