Daily Sugar Market Update by ‘Vizzie’ – 16/09/2019

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ChiniMandi, Mumbai – Monday 16th September 2019

Domestic: The market witnessed good buying nationwide. The market was up by Rs.15 to Rs.20

Maharashtra: S/30 Sugar trades took place at Rs.3185 to Rs.3265/Qntl whereas M/30 trades took place at Rs.3325 to Rs.3415.
Uttar Pradesh: The market trades for M/30 are taking place at Rs.3415 to 3485.
Gujarat: S/30 Sugar is trading at Rs.3245 to Rs.3265 and M/30 Rs.3365 to 3405.
Kolkata: The trades for M/30 are taking place at Rs.3785 to Rs.3815.
Tamil Nadu: S/30 Sugar is trading at Rs.3365 to Rs.3565 whereas M/30 is trading at Rs.3465 to Rs.3565.
*All domestic rates are excluding GST

International Market: International: Not much of fireworks which were expected got witnessed, however, a very interesting delivery on London exchange which was exchange of 2942 lots or 147,100 MTs took place. A total of Sever deliverers delivered the said quantity from 5 ports. London White Sugar front month contract is trading at $322.6/tn whereas US front month contract is trading at $11.08. Spike in the prices seen at the opening on the back of the drone strike on the Saudi Oil pipelines which saw crude prices jump by 10%

Currency, Commodity & Indian Indices: The rupee was trading against the US dollar at 71.599 meanwhile USD traded with BRL at 4.1038, Crude Futures traded at Rs.4306, Crude WTI traded at $59.92. Equity market ended in the negative territory as oil prices surged the most in over two decades in the intra-day trade following attacks on key oil producer Saudi Arabia’s crude facilities over the weekend. Counters such as oil marketing companies (OMCs), tyre, paint and aviation stocks tumbled around 6 to 7 percent following the development. Sensex closed at 37,123.31 down 261.68 points whereas Nifty closed 72.40 points down at 11,003.50.

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