ChiniMandi, Mumbai: Friday 31st July 2020
Domestic Market: On Thursday, the Government fixed 20.50 LMT Monthly Sugar Quota for Sale in August 2020, with an extension for Bihar State to sell unsold sugar stocks of July 2020 owing to the flood situation in the state. The market witnessed moderate demand. According to market experts, demand for sugar is yet likely to pick up pace since the country has reached the scenario of unlocking. Once hotels, restaurants, theatres, malls etc. open, the industry shall witness the actual demand and fresh buying coming in.
In Maharashtra: S/30 Sugar rates from millers are ₹3160 to ₹3200/Qntl whereas M/30 ₹3260 to 3300
South Karnataka: S/30 Sugar rates are ₹3420 to 3450 whereas, M/30 rates are ₹3500
Uttar Pradesh: The rates for M/30 are ₹3290 to 3330/Qntl.
Gujarat: The rates for New S/30 are ₹3251 to 3261 whereas M/30 are at ₹3281 to 3291/Qntl.
Tamil Nadu: S/30 Sugar rates are ₹3400 to 3460 whereas, M/30 rates are ₹3450 to 3500
(All the above rates are excluding GST)
According to reports, on Thursday sugar prices kicked off early losses that moved lower on weakness in crude prices and closed higher owing to reduced sugar supplies from the European Union. The European Commission reported that EU October – July sugar exports fell -54% y/y to 600,000 MT, the lowest in 3 years. Lifting sugar prices were at strength in the Brazilian real, which rose +0.37% against the dollar Thursday. New York sugar closed up at 12.11/lb whereas London white sugar at $368.20.
London White Sugar front month contract is trading at $376.10/tn, whereas New York Sugar front month contract is trading at 12.33/lb at the time of writing this update.
Currency, Commodity & Indian Indices:
The rupee traded against the US dollar at 74.6815 whereas USD is trading with BRL at 5.1553, Crude futures traded at Rs.3014, Crude WTI traded at $40.23. Indian Indices ended the week’s volatile session in the red after being pulled down by heavyweights. According to experts, the trend is expected to continue since the uncertainties and volatility are inclined on the higher side. , Sensex closed 129.18 points lower at 37,606.89. Similarly, Nifty ended 28.70 points lower at 11,073.45.
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