Daily Sugar Market Update By Vizzie – 29/07/2020

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ChiniMandi, Mumbai: Wednesday 29th July 2020
Domestic Market: The market remained stable.
Maharashtra: S/30 Sugar rates from millers are ₹3180 to ₹3200/Qntl whereas M/30 ₹3280 to 3310
South Karnataka: The rates for S/30 are ₹3350 to 3400 and M/30 are ₹3450.
Uttar Pradesh: The rates for M/30 are ₹3290 to 3330/Qntl.
Gujarat: The rates for New S/30 are ₹3311 whereas M/30 are at ₹3311 to 3321/Qntl.
Tamil Nadu: S/30 Sugar rates are ₹3400 to 3475 whereas, M/30 rates are ₹3450 to 3475
(All the above rates are excluding GST)

International Market: According to reports, on Tuesday sugar prices closed with moderate losses as they followed crude oil prices lower. Earlier on Tuesday, New York sugar posted a 2-1/2 week high, and London sugar climbed to a 1-1/4 month high, on improved sugar import prospects from Indonesia, the world’s third-largest sugar importer. Indonesia on Monday reportedly issued Q4 import licenses for 600,000 MT of sugar.

London White Sugar front month contract is trading at $363.20/tn, whereas New York Sugar front month contract is trading at 11.99/lb at the time of writing this update.

Currency, Commodity & Indian Indices: The rupee traded against the US dollar at 74.696 whereas USD traded with BRL at 5.1536, Crude futures traded at Rs.3106, Crude WTI traded at $41.50. Indices ended in the red, sensex closed 421.82 points lower at 38,071.13. Similarly, Nifty ended 97.70 points higher at 11,202.85.

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