Daily Sugar Market Update by ‘Vizzie’ 06/12/2019

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ChiniMandi, Mumbai: Friday 6th December, 2019

Domestic: The market witnessed moderate demand nationwide.
Maharashtra: S/30 Sugar trades are taking place at 3070 to Rs. 3130/Qntl whereas M/30 trades are taking place at Rs 3170 to 3210.
South Karnataka: S/30 trades are taking place at Rs.3150 to 3175 whereas M/30 trades are taking place at Rs.3200 to 3225.
Uttar Pradesh: The market trades for M/30 are taking place at Rs.3240 to 3350.
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.3470 to 3480.
Tamil Nadu: S/30 Sugar is trading at Rs.3215 to Rs.3300 whereas M/30 is trading at Rs.3275 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 ICUMSA100 crop 2019/20. FOB indication for Indian raw sugar is $ 324 to 326. London White Sugar front month contract is trading at $347.80/tn whereas US Sugar front month contract is trading at 13.15/lb at the time of writing this update. Sugar prices settled mixed Thursday as Mar NY sugar climbed to a 9-1/4 month nearest-futures high as global sugar production concerns fueled fund buying of sugar futures.

Currency, Commodity & Indian Indices: The rupee traded against the US dollar at 71.7205 meanwhile USD traded with BRL at 4.1860, Crude Futures trades at Rs.4157, Crude WTI traded at $58.39. Indian Indices fell sharply driven by losses in auto and banking stocks. Sensex closed 334.44 points lower at 40,445.15 whereas Nifty 50 closed 96.90 points lower at 11,921.50.

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