Daily Sugar Market Update by ‘Vizzie’ – 26/09/2019

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ChiniMandi, Mumbai – Thursday 26th September 2019

Domestic: The market witnessed slow demand however market expect the demand to pick with Navratri round the corner.
Maharashtra: S/30 Sugar trades are taking place at Rs.3100 to Rs.3130/Qntl whereas M/30 trades took place at Rs.3250 to Rs.3440.
Uttar Pradesh: The market trades for M/30 are taking place at Rs.3400 to 3565.
Gujarat: S/30 Sugar is trading at Rs.3115 to Rs.3150 and M/30 Rs.3235 to 3290
Kolkata: The trades for M/30 are taking place at Rs.3800 to 3820.
Tamil Nadu: S/30 Sugar is trading at Rs.3300 to Rs.3525 whereas M/30 is trading at Rs.3350 to 3525.
*All domestic rates except Kolkata are excluding GST

International Market: Market continued to show green color and remains positive. Today, London White Sugar front month contract is trading at $340.7/tn whereas NY#11 raws front month contract is trading at 11.79cnts/lb at the time of writing this update. Globally, Indonesia announced in a conference that they shall be buying raw sugar from India virtually confirming that they are going to tweak the raw sugar import specs to match Indian millers requirement. Indonesia imports 4-4.5 Mn MTs of raws every year.

Currency, Commodity & Indian Indices: The rupee traded against the US dollar at 70.877 meanwhile USD traded with BRL at 4.1487, Crude Futures traded at Rs.4013, Crude WTI traded at $56.45. After a two-day consolidation, equity market staged a smart rebound to end the last day of the September series of futures & options (F&O) contracts on a positive note. Sensex closed 396.22 points higher at 38,989.74 while Nifty 50 closed at 11,571.20 up 131 points.

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