Daily Sugar Market Update by ‘Vizzie’ 14/11/2019

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Mumbai: Thursday, 14th 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 $335.40/tn whereas US Sugar front month contract is trading at 12.80/lb at the time of writing this update. Sugar prices moved higher Wednesday with March NY sugar at a 1-1/4 month high after two U.S. sugar beet producers in Louisiana declared force majeure on sugar deliveries because frost cut its sugar beet production. Reduced U.S. sugar production may force the U.S. to boost its imports of world sugar. Another bullish factor for sugar was Wednesday’s warning from Somar Meteorolgia that the heavy rain forecast this month for Brazil’s Center-South could slow the country’s ongoing sugar harvest and curb cane crushing.

Currency, Commodity & Indian Indices: The rupee traded against the US dollar at 71.976 meanwhile USD traded with BRL at 4.1698,Crude Futures trades at Rs.4150, Crude WTI traded at $57.67. Sensex closed on 14th Nov 2019 170.42 points higher at 40,286.48 whereas Nifty 50 closed 31.65 points higher at 11,872.10.

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