Daily Sugar Market Update by ‘Vizzie’ – 04/10/2019

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ChiniMandi, Mumbai – Friday 4th October 2019

Domestic: The market witnessed scanty demand.
Maharashtra: S/30 Sugar trades are taking place at Rs.3125 to Rs.3205/Qntl whereas M/30 trades took place at Rs.3265 to Rs.3375.
Uttar Pradesh: The market trades for M/30 are taking place at Rs.3425 to 3575.
Gujarat: S/30 Sugar is trading at Rs.3211 to Rs.3265 and M/30 Rs.3300 to 3365
Kolkata: The trades for M/30 are taking place at Rs.3820 to 3855.
Tamil Nadu: S/30 Sugar is trading at Rs.3350 to Rs.3480 whereas M/30 is trading at Rs.3425 to 3450.
*All the domestic rates except Kolkata are excluding GST

International Market: There was good demand. London White Sugar price front month contract is trading at $344/tn whereas US Sugar price front month contract is trading at 12.72 cnts/lb at the time of writing this update. The FOB indication for Indian White Sugar at $322-324. The demand of White Sugar was ₹21000-₹21200/MT on Ex.factory basis.

Currency, Commodity & Indian Indices: The rupee traded against the US dollar at 70.995 meanwhile USD traded with BRL at 4.0845, Crude Futures traded at Rs.3744, Crude WTI traded at $52.61. Indian indices Sensex and Nifty fell sharply. The losses came despite the Reserve Bank of India cutting interest rates by 25 basis points, the central bank’s fifth rate cut this year. The Sensex ended 433.56 points lower at 37,673.31 whereas Nifty50 settled 139.25 points lower at 11,174.75.

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