Daily Sugar Market Update by ‘Vizzie’ – 30/09/2019

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ChiniMandi, Mumbai – Monday 30th September 2019

Domestic: With the await of a monthly release order for the month of October, the market was stable however demand was slow.
Maharashtra: S/30 Sugar trades are taking place at Rs.3110 to Rs.3200/Qntl whereas M/30 trades took place at Rs.3250 to Rs.3350.
Uttar Pradesh: The market trades for M/30 are taking place at Rs.3410 to 3570.
Gujarat: S/30 Sugar is trading at Rs.3120 to Rs.3155 and M/30 Rs.3240 to 3290
Kolkata: The trades for M/30 are taking place at Rs.3800 to 3825.
Tamil Nadu: S/30 Sugar is trading at Rs.3300 to Rs.3525 whereas M/30 is trading at Rs.3400 to 3450.
*All the domestic rates except Kolkata are excluding GST

International Market: Market bracing itself for the delivery on NY which seems to be missing the key origins on it. Today, London White Sugar front month contract is trading at $343.3/tn whereas NY#11 raws March month contract is trading at 12.68cnts/lb at the time of writing this update. Indian exports of whites seems to have kick started with decent quantities of White sugar 150ic got traded to Sri Lanka. Sri Lanka due to proximity and a natural importer is one of the largest buyers from India. However, raw sugar deals are yet not heard apart from a rumours of businesses done to coastal refinery and Iran purchases.

Currency, Commodity & Indian Indices: The rupee traded against the US dollar at 70.875 meanwhile USD traded with BRL at 4.1592, Crude Futures traded at Rs.3936, Crude WTI traded at $55.39. Equity benchmark indices ended today’s session in the negative territory owing to heavy selling in banking, pharma and realty counters. Further, lack of any catalysts and subdued global cues, too, restricted market participants from making fresh bets. Sensex closed down 155.24 points down at 38,667.33 whereas Nifty 50 ended 37.95 points down at 11,474.45.

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