Daily Sugar Market Update by ‘Vizzie’ – 11/09/2019

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ChiniMandi, Mumbai – Wednesday 11th September 2019

Domestic: The market was stable. There was no major movement..
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.3385 to 3435.
Gujarat: S/30 Sugar is trading at Rs.3215 to Rs.3280 and M/30 Rs.3330 to 3380.
Kolkata: The trades for M/30 are taking place at Rs.3560 to Rs.3630.
Tamil Nadu: S/30 Sugar is trading at Rs.3375 to Rs.3525 whereas M/30 is trading at Rs.3450 to Rs.3525.

*All domestic rates are excluding GST

International Market: Whites contract is the centre of action now with delivery round the corner. Interestingly the front October-December spread goes in inverse which shows tight position of the shorts on October contract month. Raws continue to remain steady and range bound. London White Sugar front month contract is trading at $308.80. whereas US Sugar front month contract is trading at $10.91. The world market is yet awaiting for the fineprints of the newly announced MAEQ export scheme and currently there are no offers in the market. Marketmen expect the trade for export from India of white sugar to begin as soon as policy is announced.

Currency,Commodity & Indian Indices: The rupee was trading against the US dollar at 71.701 meanwhile USD traded with BRL at 4.0811, Crude traded at Rs.4169,Crude WTI traded at $58.12. Benchmark indices ended positive after trading in the green throughout the day. Sensex closed 125.37 points up to 37,270.82, while the Nifty ended at 11,035.70 up 32.65 points.

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