Daily Sugar Market Update By Vizzie – 03/01/2020

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ChiniMandi, Mumbai: Friday 3rd December, 2019

Domestic: The market witnessed a good demand nationwide with the nearing festive demand of Makar Sankrant and piling of sugar stocks which has begun owing to sharp fall of sugar production in the new sugar season. Marketmen expect the demand to remain good in the upcoming days.
Maharashtra: S/30 Sugar trades are taking place at Rs. 3110 to Rs.3160/Qntl.
South Karnataka: S/30 trades are taking place at 3225 to 3275 whereas M/30 trades are taking place at Rs.3235 to 3325.
Uttar Pradesh: The market trades for M/30 are taking place at Rs.3255 to 3370.
Gujarat: S/30 Sugar is trading at Rs.3200 to Rs.3210 and M/30 Rs.3260 to 3280.
Kolkata: The trades for S/30 are taking place at Rs.3550 to 3570 whereas M/30 trades are taking place at Rs.3620-50
Tamil Nadu: S/30 Sugar is trading at Rs.3300 to Rs.3350 whereas M/30 is trading at 3350 to Rs.3375.
*All the domestic rates except Kolkata are excluding GST.

International Market: Good demand was witnessed. 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 Icumsa 150 ready delivery is traded at Rs.21500 Rs. 21600 on ex factory basis. Demand for white sugar of season 2019/20 Icumsa below 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.

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 $3597.90/tn whereas US Sugar front month contract is trading at 13.39/lb at the time of writing this update. According to reports, sugar prices sold off Thursday with NY sugar at a 4-week low and London sugar at a 2-week low on signs that India sugar crushing is picking up its pace. India’s Sugar Mills Association reported that India Oct-Dec sugar production was down -30% y/y to 7.8 MMT, which was an improvement from last month’s data that showed Oct-Nov sugar production fell -54% y/y to 1.89 MMT.

Currency, Commodity & Indian Indices: The rupee traded against the US dollar at 71.781 meanwhile USD traded with BRL at 4.0251, Crude Futures trades at Rs.4592, Crude WTI traded at $63.91. Indian Indices ended in the red owing to the sharp fall in rupee and spike in global oil prices. Sensex ended 162.03 points lower at 41,464.61 and the Nifty50 settled 55.55 points higher at 12,226.65.

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