Daily Sugar Market Update by ‘Vizzie’ 15/11/2019

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ChiniMandi, Mumbai Friday, 15th November 2019

Domestic: The week came to an end with the market witnessing scanty demand and prices witnessing bearish trend nationwide. Millers have been worried with the piles of sugar stocks which have remained stagnant since the quietness in the market began before the festival Diwali.
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 Sugar 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 price front month contract is trading at $331.40/tn whereas US Sugar price front month contract is trading at 12.77/lb at the time of writing this update. Sugar prices erased early gains Thursday and closed lower as a slump in the Brazilian real against the dollar sparked long liquidation in sugar futures. The Brazilian real fell -0.28% Thursday to a 14-month 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 71.790 meanwhile USD traded with BRL at 4.1958, Crude Futures trades at Rs.4150, Crude WTI traded at $56.50. Sensex closed on 15th Nov 2019 70.21 points higher at 40,356.69 whereas Nifty 50 closed 23.35 points higher at 11,895.45.

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