Daily Sugar Market Update by ‘Vizzie’ – 24/09/2019

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ChiniMandi, Mumbai – Tuesday 24th September 2019

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

Maharashtra: S/30 Sugar trades took place at Rs.3140 to Rs.3180/Qntl whereas M/30 trades took place at Rs.3190 to Rs.3330.
Uttar Pradesh: The market trades for M/30 are taking place at Rs.3355 to 3400.
Gujarat: S/30 Sugar is trading at Rs.3190 to Rs.3205 and M/30 Rs.3300 to 3420.
Kolkata: The trades for M/30 are taking place at Rs.3705 to 3755.
Tamil Nadu: S/30 Sugar is trading at Rs.3350 to Rs.3525 whereas M/30 is trading at Rs.3400 to 3525.
*All domestic rates except Kolkata are excluding GST

International Market: Market is showing their inclination towards bull side with back to back green closings in last couple of trading days. Today, London White Sugar front month contract is trading at $329.1/tn whereas NY#11 raws front month contract is trading at 11.33 cnts/lb at the time of writing this update. With recent spike in energy prices, we might see the effect on UNICA report due to be published in a while. Market expects a sugar mix of 35.5% slightly lower than last year.

Currency,Commodity & Indian Indices: The rupee traded against the US dollar at 70.948 meanwhile USD traded with BRL at 4.1613, Crude Futures traded at Rs.4128, Crude WTI traded at $58.05. The S&P BSE Sensex and NSE Nifty 50 indices took a breather and ended on a flat note after two sessions of stellar rally as investors booked profits. The Sensex ended 7 points higher at 39,097 and the NSE Nifty 50 index dipped 12 points to close at 11,588.

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