Daily Sugar Market Update By Vizzie – 28/08/2020

ChiniMandi, Mumbai: Friday 28th August 2020
Domestic Market: The market held weak sentiments throughout the weak, scanty demand was witnessed nationwide.
In Maharashtra: S/30 Sugar rates from millers are ₹3140 to ₹3160/Qntl whereas M/30 ₹3240 to 3260.
South Karnataka: S/30 Sugar rates are ₹3350 to 3425 whereas, M/30 rates are ₹3375 to ₹3475.
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 ₹3271 to 3281/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 Thursday, sugar prices recovered from lows and posted moderate gains owing to strength in the Brazilian real, which rallied +0.77% against the dollar on Thursday. 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 $361.80/tn, whereas New York Sugar front month contract is trading at 12.72/lb at the time of writing this update.

Currency, Commodity & Indian Indices: The rupee traded against the US dollar at 73.280 whereas USD is trading with BRL at 5.5701, Crude futures traded at Rs.3,165, Crude WTI traded at $43.10. Indian Indices ended in the green. Sensex closed 353.84 points higher at 39,467.31 whereas Nifty ended 88.35 points higher at 11,647.60.

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