Daily Sugar Market Update By Vizzie – 26/02/2020

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ChiniMandi, Mumbai: Wednesday 26th February 2020

Domestic Market: The market continued to witness scanty demand nationwide.
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. 3225 whereas M/30 trades are taking place at Rs.3235 to 3375.
Uttar Pradesh: The market trades for M/30 are taking place at Rs.3310 to Rs.3350.
Gujarat: M/30 trades are taking place at Rs.3210 to 3250.
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. 3230 to Rs.3340 whereas M/30 is trading at Rs.3300 to 3375.
*All the domestic rates except Kolkata are excluding GST

International Market: No major movement was witnessed in the market. White sugar of season 2018/19 icumsa 150 ready delivery is trading at Rs.23900 to Rs. 24000 on ex factory basis. Demand for white sugar of season 2019/20 icumsa below 100 is at Rs.24200 to Rs.24300 ex. factory basis. The FOB indication for white sugar icumsa 150 season 2018/19 is $375 to $376. For white sugar icumsa 100 Season 2019/20 the FOB indication is $382 to $384.

According to sources, sugar prices settled steady to slightly lower on Tuesday. Weakness in crude prices weighed on sugar prices Tuesday after crude oil fell -2.6% on Tuesday to a 2-week low. Lower crude prices are negative for ethanol prices and may prompt Brazil’s sugar mills to divert more cane crushing toward sugar production rather than ethanol production, thus boosting sugar supplies.

London White Sugar front month contract is trading at $401.70/tn whereas US Sugar front month contract is trading at 14.83/lb at the time of writing this update.

Currency, Commodity & Indian Indices: The rupee traded against the US dollar at 71.699 whereas USD traded with BRL at 4.3900, Crude futures traded at Rs.3552, Crude WTI traded at $49.39. Indian Indices ended in the red. Sensex closed 392.24 points lower at 39,888.96 whereas Nifty ended 119.40 points lower at 11,678.50.

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