Daily Sugar Market Update by ‘Vizzie’ 27/11/2019

ChiniMandi, Mumbai Wednesday, 27th November 2019

Domestic: The demand has continued to be scanty however the prices have remained firm. 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.3200 to 3230 whereas M/30 trades are taking place at Rs.3250 to 3280.

Uttar Pradesh: The market trades for M/30 are taking place at Rs.3295 to 3360.

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.3250 to Rs.3350 whereas M/30 is trading at Rs.3335 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 $342.90/tn whereas US Sugar front month contract is trading at 12.82/lb at the time of writing this update. Sugar prices settled mixed as weakness in the Brazilian real offset smaller sugar production in Brazil. Mar NY sugar fell back from a 1-1/2 week high Tuesday and moved lower on weakness in the Brazilian real, which fell -0.48% against the dollar Tuesday after posting a record low of 4.2684 reals/USD. A weaker real encourages export selling by Brazil’s sugar producers.

Currency, Commodity & Indian Indices: The rupee traded against the US dollar at 71.382 meanwhile USD traded with BRL at 4.2333, Crude Futures trades at Rs.4186, Crude WTI traded at $58.58. Indian Indices ended firmly at recording closing highs. Sensex closed 199.31 points higher at 41,020.61 whereas Nifty 50 closed63.00 points higher at 12,100.70.

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