Daily Sugar Market Update by ‘Vizzie’ – 06/09/2019


ChiniMandi, Mumbai – Friday 6th August 2019

Indian: Due to lifting pressure and profit booking, the sugar market was down by Rs.15 to Rs.30 nationwide.

Maharashtra: S/30 Sugar trades are taking place at Rs.3170 to Rs.3250/Qntl whereas M/30 trades are taking place at Rs.3290 to Rs.3375 down by Rs.10 to Rs.15
Uttar Pradesh: The market trades for M/30 are taking place at Rs.3400 to 3450. Overall flatness was witnessed in comparison to yesterday.
Gujarat: S/30 Sugar is trading at Rs.3225 to Rs.3275 and M/30 Rs.3350 to 3400. Rs.30 down compared to yesterday’s trade rates. There is no demand witnessed in today’s session.
Kolkata: The trades for M/30 are taking place at Rs.3570 to Rs.3640. The market was quiet with scanty demand.
Tamil Nadu: S/30 Sugar is trading at Rs.3440 to Rs.3525 with poor demand.
*all domestic rates are excluding GST

International Market: The market is jittery. Important support of 11 cnts has been broken. London White Sugar front month contract is trading at $302.1 whereas NY#11 raws front month contract is trading at $10.97. Millers are waiting for the fineprints of the newly announced MAEQ export scheme and currently no offers in the market. Expect the trade for export of white sugar to begin as soon as policy is announced. Raws trade will still take time as production is likely to start in November.

Currency,Commodity & Indian Indices: The rupee was trading against the US dollar at 71.724 meanwhile USD traded with BRL at 4.0917, Crude Futures traded at ₹3981, Crude WTI is trading at $55.46. The benchmark indices, the Sensex and the Nifty, surged in late session, to close higher on Friday. The Sensex close at 36,981 up 337 points while the Nifty closed at 10,946, up 98 points.

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