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

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.

 To Listen to this News click on the play button.

LEAVE A REPLY

Please enter your comment!
Please enter your name here