ChiniMandi, Mumbai: Friday 21st February 2020
Domestic Market: There was quietness owing to markets being closed on occasion of Mahashivratri.
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. 3270 whereas M/30 trades are taking place at Rs.3270 to 3320.
Uttar Pradesh: The market trades for M/30 are taking place at Rs.3320 to Rs.3350.
Kolkata: The trades for S/30 are taking place at Rs.3540 to Rs.3560 whereas M/30 trades are taking place at Rs.3600 to Rs.3610.
Tamil Nadu: S/30 Sugar is trading at Rs. 3260 to Rs.3360 whereas M/30 is trading at Rs.3310 to 3375.
*All the domestic rates except Kolkata are excluding GST
International Market: No major movement was witnessed in the market. White sugar of season 2018/19 icumsa 150 ready delivery is trading at Rs.23900 to Rs. 24000 on ex factory basis. Demand for white sugar of season 2019/20 icumsa below 100 is at Rs.24200 to Rs.24300 ex. factory basis. The FOB indication for white sugar icumsa 150 season 2018/19 is $375 to $376. For white sugar icumsa 100 Season 2019/20 the FOB indication is $382 to $384. Sugar prices rallied Tuesday on signs of tighter global sugar supplies.
According to reports, Weakness in the Brazilian real on Thursday weighed on sugar prices as the real fell -0.54% against the dollar and posted a new record low of 4.3969 reals/USD. A weaker real encourages export selling by Brazil’s sugar producers. Thursday’s rally in crude oil prices to a 3-week high was also bullish for sugar prices. Higher crude prices benefit ethanol prices and may prompt Brazil’s sugar mills to divert more cane crushing toward ethanol production rather than sugar production, thus reducing sugar supplies. Sugar prices also found support on speculation the recent rally in sugar prices to a 2-3/4 year high will prompt Brazil’s sugar mills to divert more cane crushing toward sugar production rather than ethanol production, thus boosting sugar supplies.
London White Sugar front month contract is trading at $420.40/tn whereas US Sugar front month contract is trading at 15.43/lb at the time of writing this update.
Currency, Commodity & Indian Indices: USD traded with BRL at 4.3921, Crude WTI traded at $52.81. Indian Indices were not trading today on account of Mahashivratri Holiday at the Bombay Stock Exchange and National Stock Exchange.
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