Daily Sugar Market Update by ‘Vizzie’ 23/10/2019

ChiniMandi, Mumbai – Wednesday, 23rd 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 $336.80/tn whereas US Sugar front month contract is trading at 12.15/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 70.928 meanwhile USD traded with BRL at 4.0799, Crude Futures traded at Rs.3836, Crude WTI traded at $53.95. Domestic stock markets continued their up move after a day’s pause amid volatile trade. Sensex closed 94.99 points higher at 38,058.83 whereas Nifty closed 15.75 points higher at 11,604.10.

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