Daily Sugar Market Update By ‘Vizzie’ – 29/08/2019

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ChiniMandi, Mumbai – Thursday 29th August 2019

Indian: Owing to the speculations that the monthly release order for the month of September would be lesser than that of August the demand took a high jump. In Maharashtra, the tender for next week of Shivshakti Sugars Limited have been booked at Rs.3200 for S1 and Rs.3300 for M30 respectively. In Maharashtra, Mills are opening their rates at Rs.3130 to Rs.3170/Qntl, whereas in Resell, prices are Rs.3120 to 3160. In Uttar Pradesh, Mill sales are taking place at Rs.3260 to 3390. In resale, the rates are Rs.3330 to 3360. In Gujarat, S/30 is trading at Rs.3200 to 3320. In Tamil Nadu, Mill trades are taking place at Rs.3400 excluding GST.

International: The market was stable. London White Sugar is trading at $308.20 whereas US Sugar is trading at $11.40. The FOB indication for raw sugar was at $325-$330 and Indian White Sugar at $340-$345. The demand of Raw Sugar range was ₹20200-20500/mt and White Sugar ₹21500-₹21800/MT on Ex.factory basis.

Currency, Commodity & Indian Indices: The rupee was trading against the US dollar at 71.776 meanwhile USD traded with BRL at 4.1748, Crude Futures traded at ₹4019, Crude WTI is trading at $55.89. Markets ended on a lower note with benchmark BSE sensex falling over points, dragged by heavy selling in banking and financial stocks as fears of an impending global recession and August series derivatives expiry amid weak global cues marred investor sentiment. The 30-share index ended 382.91 points lower at 37,068.93. While, the broader NSE Nifty closed 97.80 points down at 10,948.30.

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