Daily Sugar Market Update by ‘Vizzie’ 13/11/2019

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ChiniMandi, Mumbai Wednesday 13th November 2019

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 are taking 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.3350 whereas M/30 is trading at Rs.3300 to 3325.
*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.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 $328.20/tn whereas US Sugar front month contract is trading at 12.58/lb at the time of writing this update. Sugar prices settled mixed Tuesday with Dec London sugar at a 1-1/2 month low. Signs of larger global supplies are undercutting sugar prices after France’s Agriculture Ministry on Tuesday raised its 2019 sugar beet production forecast for France, the EU’s largest sugar producer, to 37.2 MMT from October’s forecast of 36.9 MMT. On Monday, Unica reported that Brazil 2019/20 Center-South sugar production through Oct rose +3.3% y/y to 25.233 MT. Sugar is also seeing downward pressure from weakness in the Brazilian real which fell -0.54% on Tuesday to a 3-1/2 week low against the dollar. A weaker real encourages export selling by Brazil’s sugar producers.

Currency, Commodity & Indian Indices: The rupee traded against the US dollar at 72.083 meanwhile USD traded with BRL at 4.1650, Crude WTI traded at $56.39. Indian indices ended on a negative note after swinging between gains and losses amid volatile trade. Sensex closed 229.02 points lower at 40,116.06 whereas Nifty 50 closed 73 points lower at 11,840.45.

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