Daily Sugar Market Update By Vizzie -14/02/2020


ChiniMandi, Mumbai: Friday 14th February 2020

Domestic: The market witnessed poor demand nationwide.
Maharashtra: S/30 Sugar trades are taking place at Rs.3100 to Rs.3140/Qntl.
South Karnataka: S/30 trades are taking place at Rs.3240 to Rs. 3250 whereas M/30 trades are taking place at Rs.3260 to 3300.
Uttar Pradesh: The market trades for M/30 are taking place at Rs.3320 to Rs.3350.
Gujarat: S/30 Sugar is trading at Rs.3175 whereas M/30 Sugar is trading at Rs.3270 to Rs.3300.
Kolkata: The trades for S/30 are taking place at Rs.3540 to Rs.3560 whereas M/30 trades are taking place at Rs.3600 to Rs.3610.
Tamil Nadu: S/30 Sugar is trading at Rs. 3275 to Rs.3440 whereas M/30 is trading at Rs.3325 to 3400.
*All the domestic rates except Kolkata are excluding GST

International Market:  No major movement was witnessed in the market. White sugar of season 2018/19 icumsa 150 ready delivery is trading at Rs.23700 to Rs. 23800 on ex factory basis. Demand for white sugar of season 2019/20 icumsa below 100 is at Rs.24100 to Rs.24300 ex. factory basis. The FOB indication for white sugar icumsa 150 season 2018/19 is $372 to $374. For white sugar icumsa 100 Season 2019/20 the FOB indication is $380 to $382. According to sources, sugar prices fell Thursday sharply on long liquidation pressure from commodity funds. Sugar futures have rallied sharply over the past month to a 2-3/4 year high on Wednesday as concern about future global supplies.

An extremely large net-long position held by funds makes the sugar futures markets vulnerable to long liquidation pressure.

London White Sugar front month contract is trading at $420.00/tn whereas US Sugar front month contract is trading at 15.06/lb at the time of writing this update.

Currency, Commodity & Indian Indices: The rupee traded against the US dollar at 71.371 meanwhile USD traded with BRL at 4.3504, Crude Futures traded at Rs.3709, Crude WTI traded at $51.91. Indian Indices ended in the red today. Sensex ended 202.05  points lower at 41,257.74. Similarly, Nifty ended 61.20 points lower at 12,113.45.

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