Daily Sugar Market Update By Vizzie – 17/03/2020

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ChiniMandi, Mumbai: Tuesday 17th March 2020
Domestic Market: The market witnessed quietness with growing fears of coronavirus nationwide.
Maharashtra: S/30 Sugar trades are taking place at Rs.3050 to Rs.3130/Qntl.
South Karnataka: S/30 trades are taking place at Rs.3210 to Rs. 3260 whereas M/30 is taking place at Rs.3230to Rs.3310/Qntl.
Uttar Pradesh: The market trades for M/30 are taking place at Rs.3160 to Rs.3230/Qntl.
Gujarat: The market trades for M/30 are taking place at 3280 to 3300/Qntl.
Kolkata: The trades for S/30 are taking place at Rs.3440 to Rs.3460 whereas M/30 trades are taking place at Rs.3460 to Rs.3480/Qntl.
Tamil Nadu: S/30 Sugar is trading at Rs.3250 to Rs.3300 whereas M/30 trades are taking place at Rs.3300 to Rs.3325/Qntl.
*All the domestic rates except Kolkata are excluding GST

International Market: According to sources, sugar prices on Monday plunged with NY sugar at a 6-month low and London sugar at a 3-1/2 month low on weakness in the Brazilian real and on a slump in crude oil prices.The Brazilian real on Monday tumbled -3.08% against the dollar and posted a new record low. The weaker real encourages export selling by Brazil’s sugar producers.

Crude oil prices on Monday plunged by -9% and are just above last 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.

London White Sugar front month contract is trading at $341.00/tn whereas US Sugar front month contract is trading at 11.07/lb at the time of writing this update.

Currency, Commodity & Indian Indices:
The rupee traded against the US dollar at 74.308 whereas USD traded with BRL at 5.0005, Crude futures traded at Rs.2196, Crude WTI traded at $29.66. Indian Indices ended in the red sensex closed 810.98 points lower at 30,579.09 whereas Nifty ended 230.35 points lower at 8967.05

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