ChiniMandi, Mumbai Monday, 25th November 2019
Domestic: The week began with moderate demand nationwide.
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.3225 to 3250 whereas M/30 trades are taking place at Rs.3250 to 3300.
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.3275 to Rs.3350 whereas M/30 is trading at Rs.3335 to 3375.
*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 $339.90/tn whereas US Sugar front month contract is trading at 12.79/lb at the time of writing this update.
Sugar prices rallied to a 1-week high on Friday after the USDA in its bi-annual sugar report on Thursday afternoon forecast that global 2019/20 sugar production will drop -3.2% y/y to 174.1 MMT and that global 2019/20 sugar ending stocks will fall -9.9% y/y to 49.58 MMT. The USDA projects that global 2019/20 sugar consumption will climb +0.8% y/y to 174.684 MMT.
Currency, Commodity & Indian Indices: The rupee traded against the US dollar at 71.714 meanwhile USD traded with BRL at 4.1966, Crude Futures trades at Rs.4140, Crude WTI traded at $57.63. Indian Indices closed recording new intra-day & closing highs tracking higher global markets. Sensex closed 529.82 points higher at 40,889.23 whereas Nifty 50 closed 159.35 points higher at 12,073.75.
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