Daily Sugar Market Update By Vizzie – 07/02/2020

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ChiniMandi, Mumbai: Friday, 7th February 2020

Domestic: The market witnessed quietness nationwide.
Maharashtra: S/30 Sugar trades are taking place at Rs.3090 to Rs.3160/Qntl.
South Karnataka: S/30 trades are taking place at Rs.3250 to Rs. 3275 whereas M/30 trades are taking place at Rs.3270 to 3325.
Uttar Pradesh: The market trades for M/30 are taking place at Rs.3320 to Rs.3360.
Gujarat: S/30 Sugar is trading at Rs.3200 whereas M/30 Sugar is trading at Rs.3290 to Rs.3330..
Kolkata: The trades for S/30 are taking place at Rs.3540 to Rs.3570 whereas M/30 trades are taking place at Rs.3600 to Rs.3620.
Tamil Nadu: S/30 Sugar is trading at Rs. 3315 to Rs.3350 whereas M/30 is trading at Rs.3375 to 3400.
*All the domestic rates except Kolkata are excluding GST.

International Market: Though the prices have taken a jump, the demand in India hasn’t yet picked pace. Exporters are quite optimistic that the demand would take some pick.

White sugar of season 2018/19 icumsa 150 ready delivery is trading at Rs.23700 to Rs. 23800 on ex factory basis. Demand for white sugar of season 2019/20 icumsa below 100 is at Rs.24100 to Rs.24300 ex. factory basis. The FOB indication for white sugar icumsa 150 season 2018/19 is $372 to $374. For white sugar icumsa 100 Season 2019/20 the FOB indication is $380 to $382.

According to reports, sugar prices posted modest gains on Thursday as they consolidated just below Tuesday’s 2-year high. Sugar prices have rallied steadily over the past month with NY sugar posting a 2-year high Tuesday and London sugar climbing to a 2-1/2 year high.

London White Sugar front month contract is trading at $423.00/tn whereas US Sugar front month contract is trading at 14.89/lb at the time of writing this update.

Currency, Commodity & Indian Indices: The rupee traded against the US dollar at 71.427 meanwhile USD traded with BRL at 4.2824, Crude Futures traded at Rs.3620, Crude WTI traded at $50.59. Indian Indices ended in the red today owing to the rising concerns about the impact on the economy from the coronavirus epidemic which has led to a downturn in the sentiments globally. Sensex ended today 164.18 points lower at 41,141.85. Similarly, Nifty ended 39.60 points lower at 12,098.35.

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