Daily Sugar Market Update By ‘Vizzie’ – 09/12/2019

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ChiniMandi, Mumbai: Monday 9th December, 2019
Domestic: The week began with the market witnessing moderate demand nationwide.
Maharashtra: S/30 Sugar trades are taking place at Rs. 3070 to Rs.3130/Qntl whereas M/30 trades are taking place at Rs. 3170 to Rs.3210.
South Karnataka:S/30 trades are taking place at Rs.3150 to 3175 whereas M/30 trades are taking place at Rs.3200 to 3225.
Uttar Pradesh: The market trades for M/30 are taking place at Rs.3240 to 3350.
Gujarat: S/30 Sugar is trading at Rs.3120 to Rs.3170 and M/30 Rs.3200 to 3250.
Kolkata: The trades for S/30 are taking place at Rs.3470 to 3480.
Tamil Nadu: S/30 Sugar is trading at Rs.3215 to Rs.3300 whereas M/30 is trading at Rs.3275 to 3350.
*All the domestic rates except Kolkata are excluding GST.

International Market: There is a good demand for ready delivery white sugar of season 2018/19 the prices are at Rs.20300 to Rs.20400.
For 2019-20 crop December delivery the demand is Rs.20700 to 20800 ex factory basis however there is no seller in the market at this point of time.
For Raw sugar 2019-20 crop, prices are at Rs.20200 to Rs.20300 ex factory basis.
The FOB indication for Indian White Sugar is at $322 to 324 for Icumsa 150 crop 2018/19 And $ 332 to 334 for Icumsa 100 crop 2019/20. FOB indication for Indian raw sugar is $ 324 to 326. According to market sources in Maharashtra, a trade for 25000 MT of raw sugar has taken place at Rs.20260 whereas in Karnataka a trade for white sugar quantity 12500 MT has taken place at Rs.21100.

London White Sugar front month contract is trading at $350.60/tn whereas US Sugar front month contract is trading at 13.28/lb at the time of writing this update. Sugar prices pushed higher Friday with Mar NY sugar at a 9-1/4 month nearest-futures high and Mar London sugar at a 2-month high as global sugar production concerns fueled technical buying by funds.

Currency, Commodity & Indian Indices: The rupee traded against the US dollar at 71.069 meanwhile USD traded with BRL at 4.1447, Crude Futures trades at Rs.4165, Crude WTI traded at $58.59. Indian Indices ended a volatile session. Sensex closed 42.28 points higher at 40,487.43 whereas Nifty 50 closed 16.00 points higher at 11,937.50

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