Daily Sugar Market Update By Vizzie – 28/05/2020

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ChiniMandi, Mumbai: Thursday 28th May 2020
Domestic Market: The market has been steady nationwide.
Maharashtra: S/30 Sugar rates are Rs.3110 to Rs.3135/Qntl.
South Karnataka: S/30 rates are Rs.3220 to Rs.3250 whereas M/30 rates are Rs.3300.
Uttar Pradesh: The rates for M/30 rates are Rs.3140 to Rs.3150/Qntl.
Gujarat: The rates for New S/30 are Rs.3160 to 3170 whereas M/30 are at 3210 to 3220/Qntl.
Tamil Nadu: S/30 Sugar rates are Rs.3260 to Rs.3350 whereas M/30 rates are Rs.3320 to 3400.

International Market:
According to sources, on Wednesday sugar prices fell back owing to weak crude prices and the outlook for an increase in sugar production in India. WTI crude oil also fell by more than -4%, which undercut ethanol prices which may prompt Brazil’s sugar mills to divert more cane-crushing to sugar production rather than ethanol production, thus boosting sugar supplies.

London White Sugar front month contract is trading at $355.40/tn whereas US Sugar front month contract is trading at 10.65/lb at the time of writing this update.

Currency, Commodity & Indian Indices:The rupee traded against the US dollar at 75.829 whereas USD traded with BRL at 5.2743, Crude futures traded at Rs.2449, Crude WTI traded at $32.23 Indices ended in the green, sensex closed 595.37 points higher at 32,200.59. Similarly, Nifty ended 175.15 points higher at 9,490.10.

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