Daily Sugar Market Update by ‘Vizzie’ – 25/09/2019

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ChiniMandi, Mumbai – Wednesday 25th September 2019

Domestic: The market is continuing 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.3130 to Rs.3170/Qntl whereas M/30 trades took place at Rs.3180 to Rs.3320.
Uttar Pradesh: The market trades for M/30 are taking place at Rs.3345 to 3390.
Gujarat: S/30 Sugar is trading at Rs.3180 to Rs.3190 and M/30 Rs.3290 to 3410.
Kolkata: The trades for M/30 are taking place at Rs.3700 to 3740.
Tamil Nadu: S/30 Sugar is trading at Rs.3340 to Rs.3515 whereas M/30 is trading at Rs.3400 to 3525.
*All domestic rates except Kolkata are excluding GST

International Market: As we had suggested, market seems to be in bullish mode, decent rally was seen yesterday. Today, London White Sugar front month contract is trading at $334.5/tn whereas US Sugar front month contract is trading at 11.69cnts/lb at the time of writing this update. UNICA report was published yesterday with reports suggesting sugar mix of 35.1% was lower the market estimates as mills shift to produce more ethanol to cash in the rally in crude.

Currency, Commodity & Indian Indices: The rupee traded against the US dollar at 71.029 meanwhile USD traded with BRL at 4.1934, Crude Futures traded at Rs.4012, Crude WTI traded at $56.31. Indian equity markets continued to consolidate for second consecutive session as investors turned to profit-booking. Sentiments were also impacted as market participants adjusted their position ahead of expiry of Futures and Options (F&O) contracts for the September series on Thursday. Sensex slipped down 503.62 points to close at 38,593.62 whereas Nifty 50 closed down 148 points at 11,440.

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