Daily Sugar Market Update By Vizzie -07/03/2020


Domestic Market: The market witnessed poor demand nationwide throughout the week with sugar millers facing selling pressure.
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: Sugar prices on Friday fell sharply with NY sugar at a 3-month low and London sugar at a 1-3/4 month low on weakness in crude prices and a plunge in the Brazilian real. Crude oil plunged more than -10% Friday to a 2-3/4 year low, which is harmful for ethanol prices and may prompt Brazil’s sugar mills to divert more cane crushing toward sugar production, thus boosting sugar supplies. Also, the continued sell-off in the Brazilian real on Friday spurred selling of sugar futures. The real fell -0.37% against the dollar Friday and posted a record low of 4.6708 reals/USD.

Currency, Commodity & Indian Indices: Indian indices witnessed a volatile week due to global factors of coronavirus leading to a risk off sentiment among investors around the world and the domestic front the factor of announcement of a moratorium on Yes Bank weighed on sentiments.

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