Daily Sugar Market Update By Vizzie -10/03/2020

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ChiniMandi, Mumbai: Tuesday 10th March 2020
Domestic Market: Majority of the wholesale markets were closed on occasion of Holi.
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.3190 to Rs. 3215 whereas M/30 is taking place at Rs.3220/Qntl.
Tamil Nadu: S/30 Sugar is trading at Rs.3225 to Rs.3300 whereas M/30 trades are taking place at Rs.3275 to Rs.3350/Qntl.

International Market: The market did not witness any major movement.
White sugar of the season 2018/19 icumsa 150 ready delivery is trading at Rs.23000 to Rs. 23200 on ex factory basis. Demand for white sugar of season 2019/20 icumsa below 100 is at Rs.23200 to Rs.23300 ex. factory basis. The FOB indication for white sugar icumsa 150 season 2018/19 is $350 to $352. For white sugar icumsa 100 Season 2019/20 the FOB indication is $358 to $360.

According to sources, sugar prices on Monday settled sharply lower with NY sugar at a 4-1/2 month low and London sugar at a 3-month low on a plunge in crude prices and weakness of the Brazilian real. Crude oil on Monday slumped more than -24% to a 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. Also, the Brazilian real on Monday continued to slump against the dollar, which spurred the selling of sugar futures. The real sank -2.14% against the dollar Monday and posted a record low of 4.791 reals/USD. A weaker real encourages export selling by Brazil’s sugar producers.

London White Sugar front month contract is trading at $357.40/tn whereas US Sugar front month contract is trading at 12.62/lb at the time of writing this update.

Currency, Commodity & Indian Indices:
Indian Indices were not trading due to BSE & NSE being closed on account of Holi. There was no trade activity in the forex and commodity future markets too.

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