Friday, 28 February
Domestic Market: The market was quiet nationwide with the await of the announcement of quota for the month of March 2020.
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.3225 to Rs. 3235 whereas M/30 trades are taking place at Rs.3235 to 3385.
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.3180 to 3220.
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.3300 to Rs.3340 whereas M/30 is trading at Rs.3350.
*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 on Thursday dropped to a 1-month low on weakness in crude prices and a plunge in the Brazilian real to a new record low. Crude oil prices tumbled more than 4% Thursday to a 13-3/4 month 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. The Brazilian real on Thursday fell -0.52% against the dollar and posted a new record low of 4.5002 reals/USD. A weaker real encourages export selling by Brazil’s sugar producers.
London White Sugar front month contract is trading at $392.90/tn whereas US Sugar front month contract is trading at 14.08/lb at the time of writing this update.
Currency, Commodity & Indian Indices: The rupee traded against the US dollar at 72.180 whereas USD traded with BRL at 4.4864, Crude futures traded at Rs.3309, Crude WTI traded at $45.65.
Indian Indices ended in the red. Sensex closed 1448.37points lower at 38,297.29 whereas Nifty ended 431.55 points lower at 11,201.75.