Daily Sugar Market Update By Vizzie – 19/03/2020

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ChiniMandi, Mumbai: Thursday 19th March 2020
Domestic Market: The market remained quiet with the growing fears of coronavirus nationwide, sugar millers are struggling to sell their sugar stocks.
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.3270 to Rs.3335/Qntl.
Uttar Pradesh: The market trades for M/30 are taking place at Rs.3160 to Rs.3240/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.3450 whereas M/30 trades are taking place at Rs.3460 to Rs.3480/Qntl.
Tamil Nadu: S/30 Sugar is trading at Rs.3260 to Rs.3350 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 Wednesday extended this week’s slide with NY sugar falling to a fresh 6-1/4 month low and London sugar sliding to a 4-3/4 month low. Bearish factors for sugar today include a plunge in the Brazilian real, sinking crude oil prices, and sugar demand concerns. The Brazilian real on Wednesday fell sharply by -3.49% against the dollar and posted a new record low of 5.2041 reals/USD. The weaker real encourages export selling by Brazil’s sugar producers.

London White Sugar front month contract is trading at $335.80/tn whereas US Sugar front month contract is trading at 10.68/lb at the time of writing this update.

Currency, Commodity & Indian Indices:
The rupee traded against the US dollar at 75.070 whereas USD traded with BRL at 5.1768, Crude futures traded at Rs.1664, Crude WTI traded at $22.65. Indian Indices ended in the red sensex closed 581.28 points lower at 28,288.23 whereas Nifty ended 205.35 points lower at 8263.45

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