Daily Sugar Market Update by ‘Vizzie’ – 15/10/2019

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ChiniMandi, Mumbai – Tuesday, 15th October 2019

Indian: The sugar market continued to witness low demand. Millers are desperate to sell their remaining sugar stocks of the current month quota, however there is no demand in the market.
Maharashtra: S/30 Sugar trades are taking place at Rs.3100 to Rs.3170/Qntl whereas M/30 trades took place at Rs.3220 to Rs.3300.
Uttar Pradesh: The market trades for M/30 are taking place at Rs.3320 to 3420.
Gujarat: S/30 Sugar is trading at Rs.3180 to Rs.3230 and M/30 Rs.3280 to 3330.
Kolkata: The trades for M/30 are taking place at Rs.3810 to 3830.
Tamil Nadu: S/30 Sugar is trading at Rs.3325 to Rs.3400 whereas M/30 is trading at Rs.3290 to 3300.
*All the domestic rates except Kolkata are excluding GST.

Millers are worried as there is no demand seen in the market even diwali is on head.

International Sugar Market: There was good demand for white sugar crop 2018/19 ICUMSA below 150 for ready shipments at Rs.20600 to Rs.20800 Ex. factory basis. The FOB indication for Indian White Sugar price is at $330-332. London White Sugar price front month contract is trading at $343.10/tn whereas US Sugar price front month contract is trading at 12.39/lb at the time of writing this update.

Currency,Commodity & Indian Indices: The rupee traded against the US dollar at 71.520 meanwhile USD traded with BRL at 4.1405, Crude Futures traded at Rs.3829, Crude WTI traded at $53.47. Indian equity indices ended higher for the third straight session driven by a rally in automakers. Sensex closed on 15th October 291.62 points up to close at 38,506.09 whereas Nifty closed 87.15 points up at 11,428.30.

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