Daily Sugar Market Update By Vizzie – 31/03/2020

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ChiniMandi, Mumbai: Tuesday 31st March 2020
Domestic Market: With the lockdown nationwide, trades in larger quantities aren’t taking place smoothly.
Maharashtra: S/30 Sugar rates are Rs.3050 to Rs.3140/Qntl.
South Karnataka: S/30 rates are Rs.3450 whereas M/30 rates are Rs.3500/Qntl.
Uttar Pradesh: The rates for M/30 rates are Rs.3180 to Rs.3260/Qntl.
Gujarat: The rates for S/30 are Rs.3395 to 3471 whereas M/30 are at 3425 to 3551/Qntl.
Kolkata: The rates for S/30 are Rs.3470 to Rs.3480 whereas M/30 trades rates are Rs.3510 to Rs.3530/Qntl.
Tamil Nadu: S/30 Sugar rates are Rs.3500 to Rs.3600 whereas M/30 rates are Rs.3550 to 3600.
*All the domestic rates except Kolkata are excluding GST

International: According to reports, sugar prices on Monday settled mixed with NY sugar at a 1-week low. NY sugar was undercut Monday by weakness in crude oil and the Brazilian real. Crude plunged more than -9% on Monday to an 18-3/4 year low.

The plunge in crude oil prices has been negative for ethanol prices and may prompt Brazil’s sugar mills to divert more cane crushing toward sugar production rather than ethanol production, thus boosting sugar supplies.

The Brazilian real tumbled -1.45% Monday to a 1-week low and is just above last Wednesday’s record low of 5.2523 reals/USD. A weaker real encourages export selling by Brazil’s sugar producers.

London White Sugar front month contract is trading at $355.10/tn whereas US Sugar front month contract is trading at 10.63/lb at the time of writing this update.

Currency, Commodity & Indian Indices:
The rupee traded against the US dollar at 75.391 whereas USD traded with BRL at 5.2003, Crude futures traded at Rs.1689, Crude WTI traded at $20.59. Indices ended in the green, sensex closed 1028.17 points higher at 29,468.49. Similarly, Nifty ended 316.65 points higher at 8,597.75

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