Daily Sugar Market Update By ‘Vizzie’ – 30/08/2019

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ChiniMandi, Mumbai – Friday 30th August 2019

Indian:  With the await of announcement of monthly release order for the month of September the market was quiet nationwide. However with the announcement of 19.5LMT quota for the month of September, the market sentiments are likely to remain positive owing to the festive season. 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: After the announcement of the export policy there was some movement in the market. London White Sugar is trading at $303.40 whereas US Sugar is trading at $11.18. The FOB indication for raw sugar was at $335-$340 and Indian White Sugar at $348-$353. The demand of Raw Sugar range was ₹20800-21000/mt and White Sugar ₹21700-₹22000/MT on Ex.factory basis. (Note: The above prices are just indications not offers from any exporters.)

Currency, Commodity & Indian Indices: The rupee was trading against the US dollar at 71.456 meanwhile USD traded with BRL at 4.1667, Crude Futures traded at ₹4003, Crude WTI is trading at $55.91. The equity indices ended in green in a lacklustre trade. The broader NSE index rose 74.95 points to end at 11,023.25, while the benchmark BSE index  rose 263.86 points to end at 37,332.79.

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