Daily Sugar Market Update by ‘Vizzie’ 21/10/2019

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ChiniMandi, Mumbai – Monday 21st October 2019

Domestic: The week began with marketmen witnessing low demand. The incessant rains have made the market slow down since the end of last week.

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 $340.20/tn whereas US Sugar front month contract is trading at 12.32/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.

As per market sources, few millers are now getting reluctant to export the sugar stocks to Iran due to various issues complimenting in delay of the export assistance announced by the Indian Government.

Currency,Commodity & Indian Indices: The rupee traded against the US dollar at 70.871 meanwhile USD traded with BRL at 4.1119, Crude Futures traded at Rs.3806, Crude WTI traded at $53.39. Owing to assembly elections in Maharashtra, BSE & NSE remained closed today.

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