Daily Sugar Market Update by ‘Vizzie’ 12/11/2019

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Domestic: The market witnessed scanty demand nationwide.
Maharashtra: S/30 Sugar trades are taking place at Rs. 3050 to Rs.3100/Qntl whereas M/30 trades took place at Rs. 3190 to Rs.3250.
South Karnataka:S/30 trades are taking place from 3225 to 3250 & M-30, 3250 to 3300.
Uttar Pradesh: The market trades for M/30 are taking place at Rs.3320 to 3400.
Gujarat: S/30 Sugar is trading at Rs.3140 to Rs.3160 and M/30 Rs.3230 to 3290.
Kolkata: The trades for S/30 are taking place at Rs.3550 to 3560.
Tamil Nadu: S/30 Sugar is trading at Rs.3250 to Rs.3375 whereas M/30 is trading at Rs.3300 to 3400
*All the domestic rates except Kolkata are excluding GST.

International Market: There is good demand for ready delivery white sugar of season 2018/19. The prices are at Rs.20500 to Rs.20700 Ex. factory basis. The FOB indication for Indian White Sugar is at $330-332. London White Sugar front month contract is trading at $330.70/tn whereas US Sugar front month contract is trading at 12.57/lb at the time of writing this update. US Sugar prices early this week opened higher on robust ethanol demand in Brazil after Unica reported Brazil Center-South sugar mills sold 2.1 billion liters of hydrous ethanol in Oct, up 5.0% y/y and a record for a single month.

Currency, Commodity & Indian Indices: The rupee traded against the US dollar at 71.608 meanwhile USD traded with BRL at 4.1529, Crude WTI traded at $57.14. The trade for Indian indices, commodity futures, wholesale commodity markets including metal and bullion and activity in the forex markets didn’t take place owing to Guru Nanak Jayanti.

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