Daily Sugar Market Update By Vizzie – 07/01/2020

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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.

Maharashtra: S/30 Sugar trades are taking place at Rs. 3150 to Rs.3170/Qntl.
South Karnataka: S/30 trades are taking place at 3260 to 3300 whereas M/30 trades are taking place at Rs.3350 to 3360.
Uttar Pradesh: The market trades for M/30 are taking place at Rs.3295 to 3450.
Gujarat: S/30 Sugar is trading at Rs.3240 to Rs.3250 and M/30 Rs.3340 to 3360.
Kolkata: The trades for S/30 are taking place at Rs.3550 to 3570 whereas M/30 trades are taking place at Rs.3620 to 3650
Tamil Nadu: S/30 Sugar is trading at Rs.3350 to Rs.3375 whereas M/30 is trading at 3350 to Rs.3400.
*All the domestic rates except Kolkata are excluding GST.

International Market: Good demand was witnessed. According to reports, raw sugar is traded at Rs.21300 to Rs.21400 from Kolhapur region due to freight advantages for Jaigarh port. White sugar of season 2018/19 icumsa 150 ready delivery is traded at Rs.22000 to Rs. 22100 on ex factory basis. Demand for white sugar of season 2019/20 icumsa below 100 is at Rs.22300 to Rs.22400 ex. factory basis. From Maharashtra and from Karnataka demand is at Rs. 21900 to Rs.22000 ex factory basis.

The FOB indication for raw sugar is at $338 to $340. For white sugar icumsa 150 season 2018/19 the FOB indication stands at $344 to 346. For white sugar icumsa 100 Season 2019/20 the FOB indication is $350 to 352.

London White Sugar front month contract is trading at $363.40/tn whereas US Sugar front month contract is trading at 13.73/lb at the time of writing this update.

Sugar prices on Monday rallied sharply to 14-month highs on a surge on crude prices. Crude oil rallied to a new 8-month high Monday on Middle East tensions after the U.S. State Department today warned of “heightened risk” of missile attacks near military bases and energy facilities in Saudi Arabia. The surge in crude prices benefits ethanol prices and may encourage Brazil’s sugar mills to divert more cane crushing to ethanol production rather than sugar production, thus curbing sugar supplies.

Currency, Commodity & Indian Indices: The rupee traded against the US dollar at 71.818 meanwhile USD traded with BRL at 4.0620, Crude Futures trades t Rs.4529, Crude WTI traded at $63.02. Indian Indices were pushed to volatility due to heated situations in the Middle East. Sensex ended 192.84 points higher at 40,869.47 and Nifty50 settled 59.90 points higher at 12,052.95.

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