Daily Market Update by Vizzie – 24/12/2019

ChiniMandi, Mumbai: Tuesday 24th December, 2019

Domestic: The market has been witnessing moderate demand nationwide.
Maharashtra: S/30 Sugar trades are taking place at Rs. 3100 to Rs.3130/Qntl.
South Karnataka: S/30 trades are taking place at Rs.3190 to 3200 whereas M/30 trades are taking place at Rs.3200 to Rs.3250 .
Uttar Pradesh: The market trades for M/30 are taking place at Rs.3270 to 3350.
Gujarat: S/30 Sugar is trading at Rs.3160 to Rs.3170 and M/30 Rs.3230 to 3280.
Kolkata: The trades for S/30 are taking place at Rs.3510 to 3550.
Tamil Nadu: S/30 Sugar is trading at Rs.3250 to Rs.3325 whereas M/30 is trading at Rs.3300 to 3350.
*All the domestic rates except Kolkata are excluding GST.

International Market: A good demand was witnessed since a fortnight. Exporters yet anticipate that this would keep the prices firm in the upcoming week too. According to reports, raw sugar is traded at Rs.21000 to Rs.21100 from Kolhapur region due to freight advantages for Jaigarh port. White sugar of season 2018/19 ICUMSA150 ready delivery is traded at Rs.21500 Rs. 21600 on ex factory basis.
Demand for white sugar of season 2019/20 ICUMSA bellow 100 is at Rs.21800 to Rs.22000 ex. factory basis. From Maharashtra and from Karnataka demand is at Rs. 21600 to Rs. 21750 ex factory basis. Demand in Karnataka is at lower price as compared to Maharashtra because freight charges are higher for JNPT from Karnataka. The FOB indication for raw sugar is at $333 to $335, for white sugar ICUMSA 150 season 2018/19 the FOB indication stands at $338 to 340. For white sugar ICUMSA 100 Season 2019/20 the FOB indication is $344 to 346. London White Sugar front month contract is trading at $358.50/tn whereas US Sugar front month contract is trading at 13.47/lb at the time of writing this update.

Currency, Commodity & Indian Indices: The rupee traded against the US dollar at 71.275 meanwhile USD traded with BRL at 4.0836, Crude Futures trades t Rs.4330, Crude WTI traded at $60.66. Indian Indices ended in the red. Sensex closed 181.40 points lower at 41,461.26 whereas Nifty closed 48.20 points lower at 12,214.55.

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