Daily Sugar Market Update by ‘Vizzie’ – 18/10/2019

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ChiniMandi, Mumbai – Friday 18th 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.

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.3320 to Rs.3400 whereas M/30 is trading at Rs.3400.
*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 $339/tn whereas US Sugar front month contract is trading at 12.25/lb at the time of writing this update. Raw sugar traded in Maharashtra for exports at Rs.19750 on Ex. factory basis with FOB indication at $316-$318.

Currency, Commodity & Indian Indices: The rupee traded against the US dollar at 71.159 meanwhile USD traded with BRL at 4.1626, Crude Futures traded at Rs.3867, Crude WTI traded at $54.36. Sensex closed 246.32 points up to close at 39,298.38 whereas Nifty closed 75.50 points up at 11,661.85.

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