Daily Sugar Market Update By Vizzie – 13/12/2019

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ChiniMandi, Mumbai: Friday 13th December, 2019

Domestic: The market continued witnessing moderate demand nationwide.
Maharashtra: S/30 Sugar trades are taking place at Rs. 3040 to Rs.3080/Qntl.
South Karnataka:S/30 trades are taking place at Rs.3150 to 3175 whereas M/30 trades are taking place at Rs.3190 to 3225.
Uttar Pradesh: The market trades for M/30 are taking place at Rs.3245 to 3550.
Gujarat: S/30 Sugar is trading at Rs.3120 to Rs.3140 and M/30 Rs.3250 to 3270.
Kolkata: The trades for S/30 are taking place at Rs.3435 to 3450.
Tamil Nadu: S/30 Sugar is trading at Rs.3250 to Rs.3300 whereas M/30 is trading at Rs.3300 to 3325.
*All the domestic rates except Kolkata are excluding GST.

International Market: With very strong demand for raw sugar from Iran, sugar prices are likely to remain firm in the coming days.
Demand for raw sugar is at Rs.20500 to Rs.20700 from Kolhapur region due to freight advantages for Jaigadh port. Demand for white sugar of season 2018/19 Icumsa 150 ready delivery is at Rs.20600 to Rs.20700 on ex factory basis. Demand for white sugar of season 2019/20 Icumsa below 100 is at Rs.20900 to Rs.21000 on ex. factory basis. As per sources White sugar of season 2018/19 quantity 40000 ton has been traded for exports at Rs.20600 from Kolhapur area. The FOB indication for raw sugar is at $330 to $332. For white sugar Icumsa 150 season 2018/19 the FOB indication stands at $330 to 332, for white sugar Icumsa 100 Season 2019/20 the FOB indication is $335 to 337. London White Sugar front month contract is trading at $355.90/tn whereas US Sugar front month contract is trading at 13.62/lb at the time of writing this update. Sugar prices have moved steadily higher over the past seven weeks as the outlook for smaller global supplies has spurred fund buying of sugar futures.

Strength in the Brazilian real also boosted sugar prices as the Brazilian real rose +0.42% Thursday to a new 1-month high against the dollar. A stronger real discourages export selling from Brazil’s sugar producers.

Currency, Commodity & Indian Indices: The rupee traded against the US dollar at 70.835 meanwhile USD traded with BRL at 4.0908, Crude Futures trades at Rs.4245, Crude WTI traded at $59.95. Indian Indices ended in the higher following global cues.. Sensex closed 428.00 points higher at 40,009.71 whereas Nifty 50 closed 114 points higher at 12,086.70.

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