Daily Sugar Market Update By Vizzie – 29/01/2020

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ChiniMandi, Mumbai: Wednesday 29th January 2020

Domestic: The market witnessed scanty demand nationwide.
Maharashtra: S/30 Sugar trades are taking place at Rs.3100 to Rs.3130/Qntl.
South Karnataka: S/30 trades are taking place at Rs.3200 to Rs. 3225 whereas M/30 trades are taking place at Rs.3210 to Rs.3275.
Uttar Pradesh: The market trades for M/30 are taking place at Rs.3260 to Rs.3350.
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.3540 to Rs.3570 whereas M/30 trades are taking place at Rs.3600 to Rs.3630.
Tamil Nadu: S/30 Sugar is trading at Rs. 3275 to Rs.3290 whereas M/30 is trading at Rs.3225 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.23300 to Rs. 23500 on ex factory basis. Demand for white sugar of season 2019/20 icumsa below 100 is at Rs.23600 to Rs.23800 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 $372 to $375.

According to reports, sugar prices posted sharp gains Tuesday as strength in crude prices sparked short-covering in sugar futures. Crude prices rose +0.7% Tuesday, which was positive for sugar prices since higher ethanol prices encourage Brazil’s producers to boost ethanol production and reduce sugar production. London White Sugar front month contract is trading at $415.80/tn whereas US Sugar front month contract is trading at 14.84/lb at the time of writing this update.

Currency, Commodity & Indian Indices: The rupee traded against the US dollar at 71.270  meanwhile USD traded with BRL at 4.1876, Crude Futures traded at Rs.3845, Crude WTI traded at $53.83. Indian Indices ended in the green today. Sensex ended today 231.80 points higher at 41,198.66. Similarly, Nifty ended 73.70 points higher at 12,129.50.

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