Daily Sugar Market Update By Vizzie – 21/03/2020

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ChiniMandi, Mumbai: Saturday 21st March 2020
Domestic Market: The market remained quiet with the growing fears of coronavirus nationwide that has led to slowdown affecting demand. 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. 3275 whereas M/30 is taking place at Rs.3270/Qntl.
Uttar Pradesh: The market trades for M/30 are taking place at Rs.3180 to Rs.3260/Qntl.
Gujarat: The market trades for M/30 are taking place at 3270 to 3300/Qntl.
Kolkata: The trades for S/30 are taking place at Rs.3470 to Rs.3480 whereas M/30 trades are taking place at Rs.3510 to Rs.3530/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 Friday pushed higher as a rally in the Brazilian real sparked some fund short-covering in sugar futures. The Brazilian real rose +2.07% against the dollar Friday as it recovered further from Wednesday’s record low of 5.2523 reals/USD. The stronger real discourages export selling by Brazil’s sugar producers.

Currency, Commodity & Indian Indices:
The rupee settled at a fresh life-time low of 75.20 against the dollar after giving up it’s gains throughout the day yesterday. The forex market continued to wrestle with the economic uncertainties owing to the outbreak of coronavirus. On a weekly basis, Indian Indices witnessed its worst week in over a decade. Experts have been optimistic about a smart rally if the situation improves, rest it remains to be a pain for market players in the coming days.

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