Daily Sugar Market Update By Vizzie – 08/01/2020

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ChiniMandi, Mumbai: Wednesday 8th December, 2019

Domestic: 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, the market witnessed quite a good demand.

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 $365.50/tn whereas US Sugar front month contract is trading at 13.68/lb at the time of writing this update.

Currency, Commodity & Indian Indices: The rupee traded against the US dollar at 71.724 meanwhile USD traded with BRL at 4.0676, Crude Futures trades t Rs.4518, Crude WTI traded at $62.96. Indian Indices settled with marginal losses amid excessive volatility. Sensex ended 51.73 points lower at 40,817.74 and Nifty50 settled 27.60 points lower at 12,025.35.

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