Daily Sugar Market Update by ‘Vizzie’ – 12/09/2019

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ChiniMandi, Mumbai – Thursday 12th September 2019

Domestic: Overall, The market was stable. There was no major movement.
Maharashtra: The market was quiet and partially closed on occasion of Anant Chaturdashi. S/30 Sugar trades took place at Rs.3150 to Rs.3230/Qntl whereas M/30 trades took place at Rs.3290 to Rs.3375.
Uttar Pradesh: The market trades for M/30 are taking place at Rs.3385 to 3435.
Gujarat: The market was closed on occasion of Anant Chatudashi.
Kolkata: The trades for M/30 are taking place at Rs.3560 to Rs.3630.
Tamil Nadu: S/30 Sugar is trading at Rs.3325 to Rs.3525 whereas M/30 is trading at Rs.3425 to Rs.3525.
*All domestic rates are excluding GST

International Market: Whites contract is the centre of action now with delivery round the corner. Raws continue to remain steady and range bound. London White Sugar front month contract is trading at $310.90. whereas US Sugar front month contract is trading at $10.75. 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 71.164 meanwhile USD traded with BRL at 4.0670, Crude Futures traded at Rs.3932, Crude WTI traded at $55.23. After a highly volatile session Sensex ended 166.54 points lower at 37,104.28 whereas Nifty ended at 52.90 points lower at 10,982.

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