Daily Sugar Market Update By Vizzie – 29/08/2020

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ChiniMandi, Mumbai: Saturday 29th August 2020
Domestic Market: The continued witnessing weak market sentiments, demand witnessed was flat 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 Friday 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. New York sugar closed down -0.17 at 12.60/lb, and London white sugar closed down -2.30 at $359.70.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.

Currency, Commodity & Indian Indices:Rupee closed -1.05% lower at 73.116 per dollar. Benchmark US Crude oil – October delivery closed -0.19% lower at $42.97 a barrel. Amid global cues, Indian indices, sensex and nifty closed bullish on heavy buying in finance and banking stocks. 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. Experts are optimistic that the markets may take an uptrend in the coming week with sector-based stocks.

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