Daily Sugar Market Update By Vizzie – 18/03/2020

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ChiniMandi, Mumbai: Wednesday 18th March 2020
Domestic Market: The market remained steady.
Maharashtra: S/30 Sugar trades are taking place at Rs.3050 to Rs.3140/Qntl.
South Karnataka: S/30 trades are taking place at Rs.3250 to Rs. 3285 whereas M/30 is taking place at Rs.3325 to Rs.3340/Qntl.
Uttar Pradesh: The market trades for M/30 are taking place at Rs.3170 to Rs.3250/Qntl.
Gujarat: The market trades for M/30 are taking place at 3270 to 3290/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.3490/Qntl.
Tamil Nadu: S/30 Sugar is trading at Rs.3260 to Rs.3325 whereas M/30 trades are taking place at Rs.3325 to Rs.3340/Qntl.
*All the domestic rates except Kolkata are excluding GST

International Market: According to reports, sugar prices on Tuesday extended Monday’s losses with NY sugar falling to a 6-1/4 month low and London sugar sliding to a 4-1/2 month low. Bearish factors included weakness in the Brazilian real, a slump in crude oil prices, and concern about sugar demand.The Brazilian real on Tuesday dropped to a new record low against the dollar at 5.0832 reals/USD. The weaker real encourages export selling by Brazil’s sugar producers. Crude oil prices on Tuesday tumbled more than -5% to a new 4-year low, which is bearish for sugar. The plunge in crude oil prices is 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 $336.60/tn whereas US Sugar front month contract is trading at 10.82/lb at the time of writing this update.

Currency, Commodity & Indian Indices: The rupee traded against the US dollar at 74.280 whereas USD traded with BRL at 5.0112, Crude futures traded at Rs.1899, Crude WTI traded at $25.70. Indian Indices ended in the red sensex closed 1709.58 points lower at 28,869.51 whereas Nifty ended 498.25 points lower at 8468.80

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