Daily Sugar Market Update by ‘Vizzie’ 04/12/2019

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ChiniMandi, Mumbai: Wednesday 4th December, 2019

Domestic: The market witnessed moderate demand 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. 3295.

South Karnataka: S/30 trades are taking place at Rs.3160 to 3180 whereas M/30 trades are taking place at Rs.3225 to 3230.

Uttar Pradesh: The market trades for M/30 are taking place at Rs.3295 to 3320.

Gujarat: S/30 Sugar is trading at Rs.3120 to Rs.3170 and M/30 Rs.3200 to 3250.

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 $344.70/tn whereas US Sugar front month contract is trading at 12.90/lb at the time of writing this update. Sugar prices rose on Tuesday on sharply reduced sugar output in India after the Indian Sugar Mills Association (ISMA) reported India sugar production during Oct 1-Nov 30 at 1.89 MMT, down -54% from the same time last year. The ISMA on Nov 5 projected India 2019/20 sugar production will fall -19% y/y to 26.85 MMT.

Currency, Commodity & Indian Indices: The rupee traded against the US dollar at 71.615 meanwhile USD traded with BRL at 4.2054, Crude Futures trades at Rs.4087, Crude WTI traded at $57.06. Indian Indices ended in the green today. Sensex closed 174.84  points higher at 40,850.29  whereas Nifty 50 closed 49 points higher at 12,043.20.

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