Daily Sugar Market Update by ‘Vizzie’ – 09/10/2019

ChiniMandi, Mumbai – Wednesday 9th October 2019

Domestic: The market witnessed low demand.
Maharashtra: S/30 Sugar trades are taking place at Rs.3115 to Rs.3200/Qntl whereas M/30 trades took place at Rs.3255 to Rs.3365.
Uttar Pradesh: The market trades for M/30 are taking place at Rs.3415 to 3565.
Gujarat: S/30 Sugar is trading at Rs.3200 to Rs.3255 and M/30 Rs.3300 to 3355
Kolkata: The trades for M/30 are taking place at Rs.3810 to 3845.
Tamil Nadu: S/30 Sugar is trading at Rs.3340 to Rs.3470 whereas M/30 is trading at Rs.3415 to 3440.
*All the domestic rates except Kolkata are excluding GST

International Market: There was good demand for white sugar crop 2018/19 iccumsa below 150 for ready shipments at Rs.20500 to Rs.20700 Ex. factory basis. The FOB indication for Indian White Sugar is at $330-332. London White Sugar front month contract is trading at $344.80/tn whereas US Sugar front month contract is trading at 12.47 cnts/lb at the time of writing this update.

Currency, Commodity & Indian Indices: The rupee traded against the US dollar at 71.060 meanwhile USD traded with BRL at 4.0774, Crude Futures traded at Rs.3791, Crude WTI traded at $53.26. After the Modi government announced a hike in dearness allowance by 5% to 17%, investors sentiments got a boost, thus lifting Sensex and Nifty. Sensex ended 645.97 points higher at 38,177.95 whereas Nifty ended 186.90 points higher at 11,313.30.

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