Daily Sugar Market Update by ‘Vizzie’ 21/11/2019

ChiniMandi, Mumbai Thursday, 21st 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 to 3250
Uttar Pradesh: The market trades for M/30 are taking place at Rs.3320 to 3415.
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.3520 to 3560.
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.

Market: There is a good demand for ready delivery white sugar of season 2018/19. The prices are at Rs.20100 to Rs.20300. For 2019-20 crop December delivery the demand is Rs.20700 to 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 $326-328. London White Sugar front month contract is trading at $336.00/tn whereas US Sugar front month contract is trading at 12.66/lb at the time of writing this update. The Brazilian real rose +0.07% against the dollar Wednesday, which sparked some short-covering in sugar futures. The Brazilian real on Wednesday rebounded a bit higher after slumping to a 4-year low against the dollar on Tuesday.

Currency, Commodity & Indian Indices: The rupee traded against the US dollar at 71.790 meanwhile USD traded with BRL at 4.1965, Crude Futures trades at Rs.4091, Crude WTI traded at $56.88. Indian Indices closed in the red predominantly due to profit-booking by investors in industry heavyweights. Sensex closed 76.47 points lower at 40,575.17 whereas Nifty 50 closed 30.70 points lower at 11,968.40.

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