Daily Sugar Market Update by ‘Vizzie’ – 20/09/2019

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ChiniMandi, Mumbai – Friday 20th September 2019

Domestic: The market witnessed good demand with firm prices.
Maharashtra: S/30 Sugar trades took place at Rs.3180 to Rs.3220/Qntl whereas M/30 trades took place at Rs.3225 to Rs.3370.
Uttar Pradesh: The market trades for M/30 are taking place at Rs.3380 to 3430.
Gujarat: S/30 Sugar is trading at Rs.3225 to Rs.3255 and M/30 Rs.3350 to 3470.
Kolkata: The trades for M/30 are taking place at Rs.3745 to 3795.
Tamil Nadu: S/30 Sugar is trading at Rs.3350 to Rs.3525 whereas M/30 is trading at Rs.3525 range.
*All domestic rates except Kolkata are excluding GST

International Market: London White Sugar front month contract was trading at $324.1/tn whereas NY#11 raws front month contract was trading at 11.02 cnts/lb at 17:16 hours. Elsewhere, as on 15th September 2019, the cumulative sugarcane crush in Australia for the season was 17.4M MT, -15% lower year on year. In Pakistan, according to the Pakistan Meteorological Department (“PMD”), the cumulative seasonal rainfall to 18th September was 129.3 mm, -5% below the normal for the period of 136.1 mm.

Currency,Commodity & Indian Indices: The rupee traded against the US dollar at 70.982 meanwhile USD traded with BRL at 4.1680, Crude Futures traded at Rs.4186, Crude WTI traded at $58.66. Indian indices clocked their highest ever closing after the Finance Minister announced a slash of corporate rate tax. Sensex closed at 38,014.62 up 1921.15 points whereas Nifty 50 closed 569.40 points higher at 11,274.20.

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