Daily Sugar Market Update By Vizzie -05/03/2020

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ChiniMandi, Mumbai: Thursday 5th March, 2020
Domestic Market: The market witnessed moderate nationwide.
Maharashtra: S/30 Sugar trades are taking place at Rs.3070 to Rs.3145/Qntl.
South Karnataka: S/30 trades are taking place at Rs.3200 to Rs. 3275 whereas M-30 is taking place at Rs.3230.
Uttar Pradesh: The market trades for M/30 are taking place at Rs.3190 to Rs.3230.
Gujarat: S/30 is trading at Rs.3150 whereas M/30 trades are taking place at 3240-3250.
Kolkata: The trades for S/30 are taking place at Rs.3480 to Rs.3490 whereas M/30 trades are taking place at Rs.3550 to Rs.3570.
Tamil Nadu: S/30 Sugar is trading at Rs.3280 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: The market was stable. 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 Wednesday sold off with NY sugar at a 2-month low and London sugar at a 1-1/2 month low. A slump in the Brazilian real fueled fund selling of sugar futures on Wednesday. The real tumbled -1.46% against the dollar Wednesday and posted a record low of 4.5744 reals/USD. A weaker real encourages export selling by Brazil’s sugar producers. London White Sugar front month contract is trading at $384.40/tn whereas US Sugar front month contract is trading at 13.43/lb at the time of writing this update.

Currency, Commodity & Indian Indices: The rupee traded against the US dollar at 73.215 whereas USD traded with BRL at 4.5850, Crude futures traded at Rs.3421, Crude WTI traded at $46.47. Indian Indices rose and ended in the green today. Sensex closed 61.13 points higher at 38,470.61 whereas Nifty ended 18 points higher at 11,269.

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