Daily Sugar Market Update By Vizzie -14/03/2020

ChiniMandi, Mumbai: Saturday, 14th March 2020

Domestic Market: The market witnessed quietness with growing fears of coronavirus nationwide.
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.3180 to 3190 whereas M/30 trades are taking place at 3270 to 3290/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: According to sources, crude oil prices on Friday rose nearly +2% and consolidated modestly above Monday’s 4-year low. The recent plunge in crude oil prices has been 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. Sugar prices fell back from their best levels Friday on weakness in the Brazilian real. The real fell -0.10% against the dollar Friday and is modestly above Thursday’s record low of 5.0258 reals/USD. The weaker real encourages export selling by Brazil’s sugar producers.

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