Daily Sugar Market Update By Vizzie -10/02/2020

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ChiniMandi, Mumbai: Monday 10th February 2020
Domestic: The market was steady.
Maharashtra: S/30 Sugar trades are taking place at Rs.3100 to Rs.3150/Qntl.
South Karnataka: S/30 trades are taking place at Rs.3225 to Rs. 3250 whereas M/30 trades are taking place at Rs.3250 to 3300.
Uttar Pradesh: The market trades for M/30 are taking place at Rs.3320 to Rs.3350.
Gujarat: S/30 Sugar is trading at Rs.3200 whereas M/30 Sugar is trading at Rs.3270 to Rs.3310.
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. 3290 to Rs.3400 whereas M/30 is trading at Rs.3350 to 3400.
*All the domestic rates except Kolkata are excluding GST

International Market: No major movement was witnessed in the market. White sugar of season 2018/19 icumsa 150 ready delivery is trading at Rs.23700 to Rs. 23800 on ex factory basis. Demand for white sugar of season 2019/20 icumsa below 100 is at Rs.24100 to Rs.24300 ex. factory basis. The FOB indication for white sugar icumsa 150 season 2018/19 is $372 to $374. For white sugar icumsa 100 Season 2019/20 the FOB indication is $380 to $382.

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.

London White Sugar front month contract is trading at $430.30/tn whereas US Sugar front month contract is trading at 14.97/lb at the time of writing this update.

Currency, Commodity & Indian Indices: The rupee traded against the US dollar at 71.314 meanwhile USD traded with BRL at 4.3207, Crude Futures traded at Rs.3583, Crude WTI traded at $50.16. Indian Indices ended in the red today owing to the rising concerns about the impact on the economy from the coronavirus epidemic which has led to a downturn in the sentiments globally. Sensex ended today 162.23 points lower at 40,979.62. Similarly, Nifty ended 66.85 points lower at 12,031.50.

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