Daily Sugar Market Update By Vizzie – 24/01/2020

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ChiniMandi, Mumbai: Friday, 24th January 2020

Domestic: The market witnessed moderate demand nationwide.
Maharashtra: S/30 Sugar trades are taking place at Rs. 3160 to Rs.3180/Qntl.
South Karnataka: S/30 trades are taking place at Rs.3200 to Rs. 3235 whereas M/30 trades are taking place at Rs.3250 to Rs.3285.
Uttar Pradesh: The market trades for M/30 are taking place at Rs.3270 to Rs.3395.
Gujarat: M/30 Sugar is trading at Rs.3280 to Rs.3300.
S-30 isn’t available for much trades due to major stocks traded for exports.
Kolkata: The trades for S/30 are taking place at Rs.3490 to Rs.3540 whereas M/30 trades are taking place at Rs.3610 to Rs.3640
Tamil Nadu: S/30 Sugar is trading at Rs. 3275 to Rs.3350 whereas M/30 is trading at Rs.3325 to Rs.3375
*All the domestic rates except Kolkata are excluding GST.

International Market: Good demand was witnessed. White sugar of season 2018/19 icumsa 150 ready delivery traded at Rs.23000 to Rs. 23200 on ex factory basis. Demand for white sugar of season 2019/20 icumsa below 100 is at Rs.23300 to Rs.23500 ex. factory basis. The FOB indication for white sugar icumsa 150 season 2018/19 is $365 to $367. For white sugar icumsa 100 Season 2019/20 the FOB indication is $368 to $370. Sugar prices settled lower Thursday as NY sugar fell back from a new 2-year high on long liquidation pressure.

A rally in the dollar index on Thursday to a 1-month high sparked long liquidation pressures in sugar futures. Sugar prices have rallied sharply over the past two weeks on aggressive fund buying due to the outlook for smaller global sugar supplies. London White Sugar front month contract is trading at $402.50/tn whereas US Sugar front month contract is trading at 14.48/lb at the time of writing this update.

Currency, Commodity & Indian Indices: The rupee traded against the US dollar at 71.337, meanwhile USD traded with BRL at 4.1707, Crude Futures traded at Rs.3952, Crude WTI traded at $55.31. Indian Indices ended green today. Sensex ended today at 226.79 points higher at 41613.19. Similarly, Nifty ended 67.90 points higher at 12248.25.

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