Daily Sugar Market Update by ‘Vizzie’ – 23/09/2019

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ChiniMandi, Mumbai – Monday 23rd September 2019

Domestic: The market opened witnessing poor demand nationwide. Marketmen expect the demand to pick with Navratri round the corner.

Maharashtra: S/30 Sugar trades took place at Rs.3160 to Rs.3200/Qntl whereas M/30 trades took place at Rs.3205 to Rs.3350.

Uttar Pradesh: The market trades for M/30 are taking place at Rs.3375 to 3420.

Gujarat: S/30 Sugar is trading at Rs.3205 to Rs.3235 and M/30 Rs.3325 to 3450.

Kolkata: The trades for M/30 are taking place at Rs.3725 to 3775.

Tamil Nadu: S/30 Sugar is trading at Rs.3300 to Rs.3525 whereas M/30 is trading at Rs.3400 to 3525.

*All domestic rates except Kolkata are excluding GST

International Market: International: London White Sugar front month contract is trading at $329.70/tn whereas US Sugar front month contract is trading at 11.18 cnts/lb at 1600 hours. Market tends to reflect bullish sentiments with funds sitting on record level short position. No exports deals from India heard in the market.

Currency, Commodity & Indian Indices: The rupee traded against the US dollar at 70.955 meanwhile USD traded with BRL at 4.1476,, Crude Futures traded at Rs.4114, Crude WTI traded at $57.80. Indian indices started the week’s session sharply after shrugging off weakness in Asian peers and extending gains to a second straight day after the government decided to cut the corporate tax rates. Sensex closed at 39,090.03 up 1075.41 points whereas Nifty closed at 11,600.20 up 326 points.

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