Daily Sugar Market Update by ‘Vizzie’ – 01/10/2019

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ChiniMandi, Mumbai – Tuesday 1st October 2019

Domestic: Owing to the demand of the ongoing Hindu festival of Navratri and dawn of Diwali, alongwith the announced quota of 21 LMT for sale in the month of October, the market witnessed good demand nationwide.

Maharashtra: S/30 Sugar trades are taking place at Rs.3130 to Rs.3210/Qntl whereas M/30 trades took place at Rs.3270 to Rs.3380.

Uttar Pradesh: The market trades for M/30 are taking place at Rs.3430 to 3580.

Gujarat:  S/30 Sugar is trading at Rs.3180 to Rs.3270 and M/30 Rs.3300 to 3370

Kolkata:  The trades for M/30 are taking place at Rs.3825 to 3860.

Tamil Nadu: S/30 Sugar is trading at Rs.3390 to Rs.3525 whereas M/30 is trading at Rs.3450 to 3490.

*All the domestic rates except Kolkata are excluding GST

International Market: A very interesting delivery happened on NY Oct contract yesterday which marked the smallest delivery in last 8 years.  A total of 175,000 tonnes, or 3,439 lots got delivered. ICE is still to update on the origins but market believes it shall be mostly centrals and North Brazil. Today, London White Sugar front month contract is trading at $346.5/tn whereas NY#11 raws front month contract is trading at 12.75 cnts/lb at the time of writing this update.

Export businesses for sugar season 2018-19 and 2019-20 have begun in the market. Ex-factory prices for Season 2018-19 icumsa below 150 are at Rs.20600 to Rs.20800. The FOB Indications are $332-334 Shipment October/November whereas Season 2019-20 icumsa below 100 new crop ex factory prices stand at Rs.21000 to 21200, with FOB indications $338-340, shipment December.

Raw sugar trades haven’t begun due to no offers from mills so far.

Currency, Commodity & Indian Indices: The rupee traded against the US dollar at 71.065  meanwhile USD traded with BRL at 4.1564, Crude Futures traded at Rs.3896, Crude WTI traded at $54.70. Indian indices plunged due to an across-the-board sell-off as financial sector woes, auto sales slump and weak macro data spooked investors. Sensex closed at 38,305.41 down 361.92 points whereas Nifty 50 closed at 11,359.90 down 114.55 points.

 

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