Daily sugar Market Update By Vizzie – 30/01/2020

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ChiniMandi, Mumbai: Thursday 30th January 2020

Domestic: The market witnessed scanty demand nationwide owing to the wait for announcement of quota for the month of February 2020.
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.3190 to Rs. 3210 whereas M/30 trades are taking place at Rs.3220 to Rs.3260.
Uttar Pradesh: The market trades for M/30 are taking place at Rs.3285 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. 3265 to Rs.3290 whereas M/30 is trading at Rs.3325 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 settled mixed Wednesday with London sugar at a 2-1/2 year high. Signs of lower sugar output from Brazil, the world’s biggest sugar producer, prompted fund buying of sugar futures. Unica reported on Monday that Brazil’s Center-South sugar production in the first half of January plunged -66.0% y/y to 4,000 MT versus 13,000 MT in the same period last year, although 2019/20 Center-South sugar production through mid-Jan rose +0.5% y/y to 26.485 MMT. London White Sugar front month contract is trading at $410.90/tn whereas US Sugar front month contract is trading at 14.58/lb at the time of writing this update.

Currency, Commodity & Indian Indices: The rupee traded against the US dollar at 71.633 meanwhile USD traded with BRL at 4.2500, Crude Futures traded at Rs.3737, Crude WTI traded at $52.02. Indian Indices ended in the red today. Sensex ended today 284.84 points lower at 40,913.82. Similarly, Nifty ended 93.70 points lower at 12,035.

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