Daily Sugar Market Update By Vizzie -12/03/2020

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ChiniMandi, Mumbai: Thursday 12th 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.3325/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.

Sugar prices on Wednesday retreated on weakness in crude oil and a slump in the Brazilian real. Crude oil prices on Wednesday fell more than -4%, which was negative for ethanol prices and may prompt Brazil’s sugar mills to divert more cane crushing toward sugar production rather than ethanol production, thus boosting sugar supplies. NY sugar is just above Monday’s 4-1/2 month low and London sugar is just above Monday’s 3-month low. The Brazilian real on Wednesday tumbled -1.63% against the dollar and is just above Monday’s record low of 4.791 reals/USD. The weaker real encourages export selling by Brazil’s sugar producers.

London White Sugar front month contract is trading at $361.80/tn whereas US Sugar front month contract is trading at 11.94/lb at the time of writing this update.

Currency, Commodity & Indian Indices:
The rupee traded against the US dollar at 74.200 whereas USD traded with BRL at 4.8419, Crude futures traded at Rs.2317, Crude WTI traded at $30.98. Indian Indices ended in the red. Sensex closed 2919.26 points lower at 32778.14 whereas Nifty ended 868.25 points lower at 9590.15.

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