Daily Sugar Market Update By Vizzie – 11/12/2019


ChiniMandi, Mumbai: Wednesday 11th December 2019

Domestic: The market continued witnessing moderate demand nationwide.
Maharashtra: S/30 Sugar trades are taking place at Rs. 3040 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.3160 to 3165 whereas M/30 trades are taking place at Rs.3275 to 3350.
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.3225 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. Maharashtra mills have sold 21000 tons raw sugar for December and January shipment at Rs 20600 ex-factory basis. Demand for export of sugar is picking up in Maharashtra. Iran is likely to buy 2 lakh tons raw sugar from India for January shipments.

London White Sugar front-month contract is trading at $353.60/tn whereas US Sugar front month contract is trading at 13.49/lb at the time of writing this update. Sugar prices gained for a fifth day Tuesday and posted a 9-1/2 month high as technical fund buying was being fueled by ongoing concern about global sugar production.

Currency, Commodity & Indian Indices: The rupee traded against the US dollar at 70.865 meanwhile USD traded with BRL at 4.1463, Crude Futures trades at Rs.4176, Crude WTI traded at $58.94. Indian Indices gave in to losses in volatile trade on amid selling pressure in banking, metal and infrastructure stocks. Sensex closed 172.69 points higher at 40,412.57 whereas Nifty 50 closed 53.35 points higher at 11,910.15

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