Daily Sugar Market Update by ‘Vizzie’ – 16/10/2019

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ChiniMandi, Mumbai – Wednesday 16th October 2019
Domestic: The 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. Millers are worried as there is no demand seen in the market in spite of Diwali being round the corner and normally the market takes an uptrend due to the demand for the festival of Diwali at least a fortnight prior.
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.

International 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 is at $330-332. London White Sugar front month contract is trading at $344.40/tn whereas US Sugar front month contract is trading at 12.47/lb at the time of writing this update. According to market sources Indian exporters have committed approximately 2 lakh tonnes of raw sugar contracts for shipments to Iran. With respect to the same, inquiries have started floating in the market for raw sugar. Exporters are demanding raw sugar from the mills at Rs.19500-19600 on Ex. factory basis. Basis these, raw sugar FOB indication are at $316-$318 however there are no firm offers for sale.

Currency,Commodity & Indian Indices: The rupee traded against the US dollar at 71.427 meanwhile USD traded with BRL at 4.1791, Crude Futures traded at Rs.3788, Crude WTI traded at $53.01. Indian equity indices ended higher driven by gains in the Oil & gas, Real Estate and Technology sectors. Sensex closed on 16th October 2019 at 92.90 points higher at 38,598.99. Similarly, Nifty too ended 35.70 points up at 11,464.00.

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