Daily Sugar Market Update by ‘Vizzie’ 20/11/2019

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ChiniMandi, Mumbai Wednesday, 20th November 2019
Domestic: The market is continuing to witness 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. 3150 to Rs.3200.
South Karnataka:S/30 trades are taking place at Rs.3210
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.3570 to 3580.
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.20300 to Rs.20400. For 2019-20 crop December delivery the demand is Rs.20700-20800 ex factory basis however there is no seller in the market at this point of time. For Raw sugar 2019-20 crop, prices are at Rs.20000 to Rs.20200 ex factory basis.
The FOB indication for Indian White Sugar is at $330-332. London White Sugar front month contract is trading at $337.00/tn whereas US Sugar front month contract is trading at 12.73/lb at the time of writing this update. Sugar prices were under pressure Tuesday on weakness in the Brazilian real that sparked long liquidation in sugar futures. The Brazilian real dropped to a 4-year low against the dollar on Tuesday. The weaker real encourages export selling by Brazil’s sugar producers. Mar NY sugar has support from recent frost conditions in the U.S. that have damaged U.S. sugar beet crops.

Currency, Commodity & Indian Indices: The rupee traded against the US dollar at 71.815 meanwhile USD traded with BRL at 4.1960, Crude Futures trades at Rs.3995, Crude WTI traded at $55.52. Indian Indices closed higher today. Sensex closed 181.94 points higher at 40,651.64 whereas Nifty 50 closed 59 points higher at 11,9990.10

 

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