Daily Sugar Market Update By Vizzie -11/03/2020

414

ChiniMandi, Mumbai: Wednesday 11th March 2020

Domestic Market: The market witnessed moderate demand.
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.
Uttar Pradesh: The market trades for M/30 are taking place at Rs.3190 to Rs.3240/Qntl.
Gujarat: S/30 is trading at Rs.3160 to 3170 whereas M/30 trades are taking place at 3250 to 3270/Qntl.
Kolkata: The trades for S/30 are taking place at Rs.3450 to Rs.3470 whereas M/30 trades are taking place at Rs.3470 to Rs.3480/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.
*All the domestic rates except Kolkata are excluding GST

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 Tuesday settled higher due to a recovery in crude oil and the Brazilian real. NY sugar on Tuesday recovered somewhat from Monday’s 4-1/2 month low and London sugar recovered from Monday’s 3-month low, which were posted on Monday’s plunge in crude prices and weakness in the Brazilian real. Crude oil prices on Tuesday rallied more than 8%, which is supportive for ethanol prices and may prompt Brazil’s sugar mills to divert more cane crushing toward ethanol, thus reducing sugar supplies. The Brazilian real on Tuesday rose by +1.52% against the dollar, which sparked some short-covering in sugar futures since a stronger real discourages export selling by Brazil’s sugar producers. The real on Monday sank to a record low of 4.791 reals/USD. A negative for sugar prices was the projection from sugar-producer Raizen on Tuesday that the slump in crude prices to a 4-year low will prompt Brazil’s sugar mills this year to divert more cane crushing toward sugar production rather than ethanol production, which may boost Brazil 2020/21 sugar output by 6 MMT.

London White Sugar front month contract is trading at $359.60/tn whereas US Sugar front month contract is trading at 12.48/lb at the time of writing this update.

Currency, Commodity & Indian Indices:
The rupee traded against the US dollar at 73.608 whereas USD traded with BRL at 4.6439, Crude futures traded at Rs.2483, Crude WTI traded at $33.45. Indian Indices ended in the green. Sensex closed 62.45 points higher at 35,697.40 whereas Nifty ended 6.95 points higher at 10,458.40.

 To Listen to this News click on the play button.

LEAVE A REPLY

Please enter your comment!
Please enter your name here