Daily Sugar Market Update By Vizzie -08/02/2020

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ChiniMandi, Mumbai: Saturday 8th 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:
Sugar prices moved higher Friday with London sugar at a new 2-1/2 year high. The latest bullish factor for sugar prices is a drought in Thailand, the world’s fourth-biggest sugar producer. The Thailand Meteorological Department says this year’s drought in Thailand is the worst in 40 years. The Thai Sugar Millers Corp said on Friday that Thailand 2019/20 sugar production may drop -35% y/y to 9 MMT from 14 MMT in 2018/19 as dry conditions reduce sugarcane yields.

Indian Indices: Indian Indices ended in the red with the rising concerns about the economic impact leading to a downturn in the global sentiments.

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