Daily Sugar Market Update by ‘Vizzie’ 22/10/2019

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ChiniMandi, Mumbai – Tuesday 22nd October 2019
Domestic: The market witnessed good demand. Marketmen are hopeful that the demand would remain good with the festive days of Diwali in the upcoming days.
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 $336.90/tn whereas US Sugar front month contract is trading at 12.24/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 70.995 meanwhile USD traded with BRL at 4.1284, Crude Futures traded at Rs.3829, Crude WTI traded at $53.78. Domestic stock markets registered sharp losses amid volatile trade on Tuesday. Sensex closed 334.54 points lower at 38,963.84 whereas Nifty closed 73.50 points lower at 11,588.35.

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