Daily Sugar Market Update By Vizzie -29/02/2020

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Domestic Market: The market witnessed very poor nationwide however traders are optimistic on sentiments turning positive with the dawn of summers in the country.
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.3250 to Rs. 3260.
Uttar Pradesh: The market trades for M/30 are taking place at Rs.3190 to Rs.3230.
Gujarat: M/30 trades are taking place at Rs.3180 to 3230.
Kolkata: The trades for S/30 are taking place at Rs.3460 to Rs.3480 whereas M/30 trades are taking place at Rs.3540 to Rs.3560.
Tamil Nadu: S/30 Sugar is trading at Rs.3300 to Rs.3350 whereas M/30 trades are taking place at Rs.3400 to Rs.3410
*All the domestic rates except Kolkata are excluding GST

International Market: According to sources, sugar prices on Friday extended their week-long slide as NY sugar fell to a 1-1/2 month low, and London sugar slid to a 1-month low. Weakness in crude prices and a slump in the Brazilian real to a new record low Friday weighed on sugar prices. The Brazilian real on Friday fell -0.39% against the dollar and posted a new record low of 4.5138 reals/USD. A weaker real encourages export selling by Brazil’s sugar producers. Crude oil prices fell more than 4% Friday to a 14-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. Sugar prices on Friday recovered most of their losses after the International Sugar Organization (ISO) raised its global 2019/20 sugar deficit estimate to an 11-year high of -9.4 MMT from a November estimate of -6.1 MMT.

Indian Indices dipped witnessing the worst week in almost a decade owing to the growing fears of the coronavirus outbreak.

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