Daily Sugar Market Update By Vizzie -03/03/2020

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ChiniMandi, Mumbai: Tuesday 3rd March 2020

Domestic Market: The market witnessed scanty demand nationwide.
Maharashtra: S/30 Sugar trades are taking place at Rs.3100 to Rs.3140/Qntl.
South Karnataka: S/30 trades are taking place at Rs.3225 to Rs. 3275 whereas M-30 is taking place at Rs.3270. .
Uttar Pradesh: The market trades for M/30 are taking place at Rs.3190 to Rs.3230.
Gujarat: Old M/30 trades are taking place at Rs.3150 to 3190 whereas New M/30 trades are taking place at 3251-3270.
Kolkata: The trades for S/30 are taking place at Rs.3460 to Rs.3480 whereas M/30 trades are taking place at Rs.3540 to Rs.3560.
Tamil Nadu: S/30 Sugar is trading at Rs.3300 to Rs.3380 whereas M/30 trades are taking place at Rs.3350 to Rs.3375.

*All the domestic rates except Kolkata are excluding GST

International Market: No major movement was witnessed in the market.
White sugar of season 2018/19 icumsa 150 ready delivery is trading at Rs.23900 to Rs. 24000 on ex factory basis.
Demand for white sugar of season 2019/20 icumsa below 100 is at Rs.24200 to Rs.24300 ex. factory basis.
The FOB indication for white sugar icumsa 150 season 2018/19 is $375 to $376.
For white sugar icumsa 100 Season 2019/20 the FOB indication is $382 to $384.

According to sources, sugar prices on Monday extended their week-long slide as NY sugar fell to a 1-1/2 month low and London sugar slid to a 1-month low. Weakness in the Brazilian real weighed on sugar prices. The Brazilian real on Monday fell -0.25% against the dollar and was just above last Friday’s record low of 4.5138 reals/USD. A weaker real encourages export selling by Brazil’s sugar producers.

London White Sugar front month contract is trading at $391.90/tn whereas US Sugar front month contract is trading at 13.83/lb at the time of writing this update.

Currency, Commodity & Indian Indices: The rupee traded against the US dollar at 73.250 whereas USD traded with BRL at 4.4739, Crude futures traded at Rs.3543, Crude WTI traded at $48.06. Indian Indices rose and ended in the green after several straight sessions of losses . Sensex closed 479.68 points higher at 38,6233.70 whereas Nifty ended 170.55 points higher at 11,303.30.

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