Daily Sugar Market Update by ‘Vizzie’ 22/11/2019

ChiniMandi, Mumbai Friday, 22nd 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.3225 to 3250 whereas M/30 trades are taking place at Rs.3250 to 3300.
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.3300 to Rs.3350 whereas M/30 is trading at Rs.3300 to 3350.
*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.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 $337.60/tn whereas US Sugar front month contract is trading at 12.69/lb at the time of writing this update. Sugar prices tumbled to 1-week lows Thursday due to weakness in the Brazilian real, which sank to a new 4-year low against the dollar on Thursday. The weaker real encourages export selling by Brazil’s sugar producers.

Currency,Commodity & Indian Indices: The rupee traded against the US dollar at 71.757 meanwhile USD traded with BRL at 4.1933, Crude Futures trades at Rs.4195, Crude WTI traded at $58.41. Indian Indices closed in the red tracking weak global cues. Sensex closed 215.76 points lower at 40,359.41 whereas Nifty 50 closed 54.00 points lower at 11,914.40.

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