Daily Sugar Market Update by ‘Vizzie’ – 02/09/2019

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ChiniMandi, Mumbai – Tuesday 3rd September 2019

Domestic: The market witnessed good demand nationwide. In Maharashtra, Mills are opening their rates at Rs.3300 to Rs.3400/Qntl, whereas in Resell, prices are Rs.3250 to 3350. In Uttar Pradesh, Mill sales are taking place at Rs.3340 to 3490. In resale, the rates are Rs.3420 to 3470. In Gujarat, S/30 is trading at Rs.3320 to 3410. In Tamil Nadu, Mill trades are taking place at Rs.3440 to 3545 excluding GST.

International: The market was stable. London White Sugar is trading at $308.70 whereas US Sugar is trading at $11.35. The FOB indication for raw sugar was at $335-$340 and Indian White Sugar at $348-$353. The demand of Raw Sugar range was ₹20800-21000/mt and White Sugar ₹21700-₹22000/MT on Ex.factory basis. (Note: The above prices are just indications not offers from any exporters.)

Currency,Commodity & Indian Indices: The rupee was trading against the US dollar at 72.341 meanwhile USD traded with BRL at 4.1858, Crude Futures traded at ₹3931, Crude WTI is trading at $54.24. Indian stock market indices Sensex and Nifty fell sharply while the rupee also suffered a big loss against the US dollar. At the day’s low, the Sensex fell sharply after data released last week showed GDP grew at its weakest pace in over six years as consumption demand weakened. Sensex closed at 36,491.85 down 840.94 points whereas Nifty closed at 10,779.30 down 243.95 points.

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