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

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ChiniMandi, Mumbai – Monday 9th September 2019

Indian: The sugar market witnessed poor demand nationwide.
Maharashtra: S/30 Sugar trades are taking place at Rs.3150 to Rs.3230/Qntl whereas M/30 trades are taking place at Rs.3290 to Rs.3375.
Uttar Pradesh: The market trades for M/30 are taking place at Rs.3400 to 3450.
Gujarat: S/30 Sugar is trading at Rs.3225 to Rs.3275 and M/30 Rs.3350 to 3400.
Kolkata: The trades for M/30 are taking place at Rs.3570 to Rs.3640.
Tamil Nadu: S/30 Sugar is trading at Rs.3375 to Rs.3525 whereas M/30 is trading at Rs.3450 to Rs.3600.
*All domestic rates are excluding GST

International Sugar Market: The market remains uncertain and slow. Important support of 11 cents has been broken. London White Sugar price front month contract is trading at 303.87 whereas US Sugar price front month contract is trading at $11.05. Millers and traders continue to wait for the fineprints of the newly announced MAEQ sugar export scheme and currently no offers in the market. Expect the trade for export of white sugar to begin as soon as the policy is announced.

Currency,Commodity & Indian Indices: The rupee was trading against the US dollar at 71.705 meanwhile USD traded with BRL at 4.0609, Crude Futures traded at ₹4090, Crude WTI traded at $57.05. Indian equities registered gains and ended in green. Sensex ended 163.68 points higher at 37,145.45 while Nifty closed 56.85 points higher at 11,003.05.

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