ChiniMandi, Mumbai: Thursday, 2nd January, 2020
Domestic: The market witnessed a good demand nationwide with the nearing festive demand of Makar Sankrant and piling of sugar stocks which has begun owing to sharp fall of sugar production in the new sugar season. As per sources, traders in the industry are quite interested in stocking of sugar to enjoy the benefits of the market trend with good demand. According to sources, in Maharashtra few millers have almost completed selling the allocated sugar quotas to them. Marketmen expect the demand to remain good in the upcoming days.
Maharashtra: S/30 Sugar trades are taking place at Rs. 3100 to Rs.3160/Qntl.
South Karnataka: S/30 trades are taking place at 3220 to 3275 whereas M/30 trades are taking place at Rs.3230 to 3325.
Uttar Pradesh: The market trades for M/30 are taking place at Rs.3270 to 3430.
Gujarat: S/30 Sugar is trading at Rs.3200 to Rs.3210 and M/30 Rs.3260 to 3280.
Kolkata: The trades for S/30 are taking place at Rs.3510 to 3550.
Tamil Nadu: S/30 Sugar is trading at Rs.3300 to Rs.3350 whereas M/30 is trading at 3350 to Rs.3375.
*All the domestic rates except Kolkata are excluding GST.
International Market: Good demand was witnessed. According to reports, raw sugar is traded at Rs.21000 to Rs.21100 from Kolhapur region due to freight advantages for Jaigarh port. White sugar of season 2018/19 ICUMSA 150 ready delivery is traded at Rs.21500 Rs. 21600 on ex factory basis. Demand for white sugar of season 2019/20 ICUMSA bellow 100 is at Rs.21800 to Rs.22000 ex. factory basis. From Maharashtra and from Karnataka demand is at Rs. 21600 to Rs . 21750 ex factory basis.
Demand in Karnataka is at lower price as compared to Maharashtra because freight charges are higher for JNPT from Karnataka. The FOB indication for raw sugar is at $333 to $335, for white sugar ICUMSA 150 season 2018/19 the FOB indication stands at $338 to 340. For white sugar ICUMSA 100 Season 2019/20 the FOB indication is $344 to 346.
London White Sugar front month contract is trading at $359.80/tn whereas US Sugar front month contract is trading at 13.47/lb at the time of writing this update.
Currency, Commodity & Indian Indices: The rupee traded against the US dollar at 71.340 meanwhile USD traded with BRL at 4.00106, Crude Futures trades t Rs.4361, Crude WTI traded at $61.09. Indian Indices ended in the green. Sensex ended 320.62 points higher at 41,626.64 and the Nifty50 settled 99.70 points higher at 12,282.20.
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