Daily Sugar Market Update By Vizzie – 22/02/2020

ChiniMandi, Mumbai: Saturday, 22nd February 2020

Domestic Market:  The market was steady.
Maharashtra: S/30 Sugar trades are taking place at Rs.3100 to Rs.3150/Qntl.
South Karnataka: S/30 trades are taking place at Rs.3210 to Rs. 3235 whereas M/30 trades are taking place at Rs.3250 to 3285.
Gujarat: M/30 trades are taking place at 3220 to 3260
Uttar Pradesh: The market trades for M/30 are taking place at Rs.3320 to Rs.3350.
Kolkata: The trades for S/30 are taking place at Rs.3540 to Rs.3560 whereas M/30 trades are taking place at Rs.3600 to Rs.3610.
Tamil Nadu: S/30 Sugar is trading at Rs. 3260 to Rs.3360 whereas M/30 is trading at Rs.3310 to 3375.
*All the domestic rates except Kolkata are excluding GST

International Market: According to sources, sugar prices pushed higher Friday on U.S. sugar beet crop concerns after the American Sugarbeet Growers Association said adverse weather may delay U.S. 2020/21 sugar beet plantings. The U.S. 2019/20 beet crop fell -9.3% y/y to a 9-year low of 8.158 MMT.

Currency, Commodity & Indian Indices: The rupee stood stable inspite of currencies around the world are facing a rout against the US dollar. Brazilian real took a dive of around 8 percent in value against the US dollar whereas other currencies have fallen 3-4 percent. Indian indices witnessed a volatile week and experts are of the view that the market is likely to remain volatile owing to the coronavirus outbreak which has affected the global economy. Investors are also will also sit back to watch cues from Trump’s visit in India scheduled next week.

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