Daily Sugar Market Update by ‘Vizzie’ 24/10/2019

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ChiniMandi, Mumbai – Thursday 24th October 2019

Domestic: Owing to the incessant rains in parts of the country, election results in Maharashtra and Haryana and the dawn of festive days of Diwali, the market opened with low demand however the prices are stable.

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.3375 to 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 $334.50/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 71.035 meanwhile USD traded with BRL at 4.0344, Crude Futures traded at Rs.3957, Crude WTI traded at $55.64. Domestic stock markets ended lower led by declines in banking and IT. Sensex closed 38.44 points lower at 39,020.39 whereas Nifty closed 21.50 points lower at 11,582.60.

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