Daily Sugar Market Update By Vizzie – 30/04/2020

ChiniMandi, Mumbai: Thursday 30th April 2020
Domestic Market: The market has been steady nationwide.
Maharashtra: S/30 Sugar rates are Rs.3040 to Rs.3100/Qntl.
South Karnataka: S/30 rates are Rs.3300 whereas M/30 rates are Rs.3350.
Uttar Pradesh: The rates for M/30 rates are Rs.3100 to Rs.3130/Qntl.
Gujarat: The rates for New S/30 are Rs.3150 whereas M/30 are at 3200 to 3220/Qntl.
Tamil Nadu: S/30 Sugar rates are Rs.3300 to Rs.3350 whereas M/30 rates are Rs.3350 to 3400.

International: According to reports, sugar prices on Wednesday closed sharply higher as a rally in crude and the Brazilian real sparked fund short-covering in sugar futures. Crude prices rose more than +20% Wednesday, which benefits ethanol prices and is supportive for sugar. Also, the Brazilian real jumped +2.06% to a 1-week high on Wednesday. The Brazilian real continues to see some recovery action after its recent plunge to last Friday’s record low of 5.7456 reals/USD. The stronger real is bullish for sugar since it discourages export selling by Brazil’s sugar producers.

London White Sugar front month contract is trading at $329.00/tn whereas US Sugar front month contract is trading at 10.02/lb at the time of writing this update.

Currency, Commodity & Indian Indices:
The rupee traded against the US dollar at 75.064 whereas USD traded with BRL at 5.3361, Crude futures traded at Rs.1343, Crude WTI traded at $17.50. Indices ended in the green, Sensex closed 997.46 points higher at 33,717.62. Similarly, Nifty ended 306.55 points higher at 9,859.90.


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