Daily Sugar Market Update By ‘Vizzie’ – 19/07/2019

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ChiniMandi, Mumbai – Friday 19th July 2019

Indian: There was moderate demand nationwide. In Maharashtra, mills are opening their rates at Rs.3100 to Rs.3140/Qntl, whereas in Resell, prices are Rs.3040 to 3080. In Uttar Pradesh, Mill sales are taking place at Rs.3180 to 3310. In resale, the rates are Rs.3210 to 3335. In Gujarat, S/30 is trading at Rs.3120 to 3170. In Tamil Nadu, Mill trades are taking place at Rs.3175 to Rs.3200 excluding GST.

International: The market was stable. London White Sugar is trading at $314.90 whereas US Sugar is trading at $11.60.

The FOB indication for raw sugar was at $336-$338 and Indian White Sugar at $352-$355.

The demand of Raw Sugar range was ₹21000-21300/mt and White Sugar ₹22000-₹22200/MT on Ex.factory basis.

Currency, Commodity & Indian Indices: The rupee was trading against the US dollar at 68.840 meanwhile USD traded with BRL at 3.740, Crude Futures traded at ₹3834, Crude WTI is traded at $55.73.  Sensex and Nifty fell over 1.5% each a day after Finance Minister Nirmala Sitharaman ruled out any relaxation for foreign portfolio investors (FPI) and said that overseas investors functioning as trusts in India will have to pay the tax surcharge proposed in the Union Budget. While Sensex lost 560 points to 38,337 level, Nifty fell 177 points to 11,419.

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