Daily Sugar Market Update By Vizzie -09/03/2020

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ChiniMandi, Mumbai: Monday, 09th March 2020

Domestic Market:
The market witnessed poor demand nationwide with sugar millers facing selling pressure.
Maharashtra: S/30 Sugar trades are taking place at Rs.3070 to Rs.3140/Qntl.
South Karnataka: S/30 trades are taking place at Rs.3175 to Rs. 3215 whereas M/30 is taking place at Rs.3230/Qntl.
Uttar Pradesh: The market trades for M/30 are taking place at Rs.3190 to Rs.3230/Qntl..
Gujarat: S/30 is trading at Rs.3140 to 3150 whereas M/30 trades are taking place at 3230 to 3250/Qntl..
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/Qntl..
Tamil Nadu: S/30 Sugar is trading at Rs.3225 to Rs.3300 whereas M/30 trades are taking place at Rs.3300to Rs.3350/Qntl.
*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.

London White Sugar front month contract is trading at $353.10/tn whereas US Sugar front month contract is trading at 12.37/lb at the time of writing this update.

Currency, Commodity & Indian Indices:
The rupee traded against the US dollar at 74.154 whereas USD traded with BRL at 4.7416, Crude futures traded at Rs.2375, Crude WTI traded at $31.63. Indian Indices ended in the red owing to deepening fears about the spread of coronavirus and a crash in crude oil prices. Sensex closed 1941.67  points lower at 35,634.95 whereas Nifty ended 538 points lower at 10,451.45.

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