Domestic: The market witnessed moderate demand nationwide throughout the week.
Maharashtra: S/30 Sugar trades are taking place at Rs. 3120 to Rs.3170/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.3560 to Rs.3580 whereas M/30 trades are taking place at Rs.3630 to Rs.3650
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: According to reports, sugar prices retreated on Friday and posted 1-week lows on weakness in crude oil prices. Mar WTI crude fell -2.8% Friday to a 2-3/4 month low. Weaker crude prices undercut ethanol prices and may prompt Brazil’s sugar mills to divert more cane crushing to sugar production rather than ethanol production, this boosting sugar supplies. A rally in the dollar index on Friday to a 1-1/2 month high also fueled long liquidation pressure in sugar futures. An extremely large net-long position held by funds makes the sugar market vulnerable to long liquidation pressure.
Sugar prices have rallied sharply over the past three weeks on aggressive fund buying due to the outlook for smaller global sugar supplies.
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