Daily Sugar Market Update by ‘Vizzie’ – 17/09/2019

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ChiniMandi, Mumbai – Tuesday 17th September 2019

Indian: The market was stable.
Maharashtra: S/30 Sugar trades took place at Rs.3185 to Rs.3225/Qntl whereas M/30 trades took place at Rs.3230 to Rs.3375.
Uttar Pradesh: The market trades for M/30 are taking place at Rs.3385 to 3440.
Gujarat: S/30 Sugar is trading at Rs.3230 to Rs.3260 and M/30 Rs.3345 to 3480.
Kolkata: The trades for M/30 are taking place at Rs.3750 to 3800
Tamil Nadu: S/30 Sugar is trading at Rs.3450 to Rs.3525 whereas M/30 is trading at Rs.3525
*All domestic rates except Kolkata are excluding GST

International Market: Sugar market zoomed on the back of the crude rally yesterday but has been in consolidating phase since opening. London White Sugar price front month contract is trading at $321.3 whereas US Sugar price front month contract is trading as $10.97. Funds continue to hold short position as per the COT report.

Currency,Commodity & Indian Indices: The rupee was trading against the US dollar at 71.765 meanwhile USD traded with BRL at 4.1058, Crude Futures traded at Rs.4460, Crude WTI traded at $61.88. Indian market indices Sensex and Nifty continued to remain under pressure for the second day on fears that surging oil prices could impact economic recovery. At day’s lows, the Sensex close fell 642.22 points at 36,419 while Nifty closed at 10,817 down 185.90 points.

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