Daily Sugar Market Update by ‘Vizzie’ 02/12/2019

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ChiniMandi, Mumbai, Monday, 2nd December 2019

Domestic: After the heavily announced monthly quota for the month of December, the week began witnessing quietness nationwide.

Maharashtra: S/30 Sugar trades are taking place at Rs. 3130 to Rs.3150/Qntl whereas M/30 trades are taking place at Rs. 3280.

South Karnataka: S/30 trades are taking place at Rs.3170 to 3200 whereas M/30 trades are taking place at Rs.3250 to 3260.

Uttar Pradesh: The market trades for M/30 are taking place at Rs.3295 to 3350.

Gujarat: S/30 Sugar is trading at Rs.3130 to Rs.3180 and M/30 Rs.3230 to 3290.

Kolkata: The trades for S/30 are taking place at Rs.3460 to 3480.

Tamil Nadu: S/30 Sugar is trading at Rs.3215 to Rs.3300 whereas M/30 is trading at Rs.3300 to 3350.

*All the domestic rates except Kolkata are excluding GST.

International Market: There is a good demand for ready delivery white sugar of season 2018/19. The prices are at Rs.20300 to Rs.20400. For 2019-20 crop December delivery the demand is Rs.20700 to 20800 ex factory basis however there is no seller in the market at this point of time. For Raw sugar 2019-20 crop, prices are at Rs.20200 to Rs.20300 ex factory basis.

The FOB indication for Indian White Sugar is at $322 to 324 for ICUMSA 150 crop 2018/19 And $ 332 to 334 for ICUMSA 100 crop 2019/20. FOB indication for Indian raw sugar is $ 324 to 326 $. London White Sugar front month contract is trading at $345.60/tn whereas US Sugar front month contract is trading at 12.93/lb at the time of writing this update. Sugar prices pushed higher Friday with Mar NY sugar at a 9-month nearest-futures high and Mar London sugar at a 1-1/2 month high on global sugar production concerns.

Currency, Commodity & Indian Indices: The rupee traded against the US dollar at 71.635 meanwhile USD traded with BRL at 4.2367, Crude Futures trades at Rs.4052, Crude WTI traded at $56.51. Indian Indices ended with flatness after a volatile session as gains in index heavyweights were capped by losses in financials, IT, and auto stocks.  Sensex closed 8.36 points higher at 40,802.17 whereas Nifty 50 closed -7.85 points lower at 12,048.20.

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