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

135

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.

To Listen to this News click on the play button.

LEAVE A REPLY

Please enter your comment!
Please enter your name here