Daily Sugar Market Update By Vizzie – 21/12/2019

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ChiniMandi, Mumbai: Friday 21st December, 2019

Domestic: The market continued witnessing moderate demand nationwide.
Maharashtra: S/30 Sugar trades are taking place at Rs. 3070 to Rs.3140/Qntl.
South Karnataka: S/30 trades are taking place at Rs.3195 to 3220 whereas M/30 trades are taking place at Rs.3200 to Rs.3220.
Uttar Pradesh: The market trades for M/30 are taking place at Rs.3245 to 3310.
Gujarat: S/30 Sugar is trading at Rs.3130 to Rs.3140 and M/30 Rs.3210 to 3260.
Kolkata: The trades for S/30 are taking place at Rs.3430 to 3450.
Tamil Nadu: S/30 Sugar is trading at Rs.3260 to Rs.3325 whereas M/30 is trading at Rs.3310 to 3350.
*All the domestic rates except Kolkata are excluding GST.

In the International market a good demand was witnessed since a fortnight. Exporters yet anticipate that this would keep the prices firm in the upcoming week too. According to reports, Mar NY world sugar on Friday closed down -0.01 and Mar London white sugar #5 closed unchanged. Sugar prices were under pressure Friday on weakness in the Brazilian real and on a decline in crude oil prices. The Brazilian real on Friday dropped -0.69% to a 1-week low against the dollar, which encourages export selling by Brazil’s sugar producers. Crude oil prices fell more than -1% Friday, which was also negative for sugar, since weaker crude prices undercut ethanol prices and may prompt Brazil’s sugar mills to divert more cane crushing toward sugar production rather than ethanol production, thus increasing sugar supplies.

Indian indices ended after a lacklustre week. INR ended 31 paise lower at 71.12 versus the closing last week.

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