Daily Sugar Market Update By ‘Vizzie’


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ChiniMandi, Mumbai – Friday, 8th February 2019

• Domestic: The week ended with flatness after intra-week see-saw movements because of strong rumours of hike in MSP. Yet the industry is anticipating that the Government will take necessary steps to hike the MSP and add some sweetness to the current scenario strangled with crisis. In Maharashtra, S/30 is trading at ₹2910 to ₹2935. In Uttar Pradesh Market M/30 sugar is trading at ₹3100 to ₹3150. In Gujarat, S/30 is trading at ₹2970 to ₹3010, whereas in Chennai S/30 is trading at ₹3280 to 3320.

• International: The week ended steady, London White Sugar is trading at $337.10 whereas US Sugar is trading at $12.76

The FOB indication for raw sugar was at $300-$303 and Indian White Sugar at $312-$315

The demand of Raw Sugar range was ₹18600-18800/mt and White Sugar ₹19300-₹19500/MT on Ex.factory basis.

• Currency & Commodity: The rupee appreciated against the US dollar and was trading at 71.44, meanwhile USD traded with BRL at 3.716, Crude Futures traded at ₹3745, WTI $52.41

• Looking at indices, BSE benchmark Sensex plummeted over 424 points led by a sharp selloff in metal and auto stocks amid negative cues from the global markets on renewed concerns over the US-China trade tiff.

The 30-share index cracked 424 points to finish at 36546, while the broader NSE Nifty slumped 125 points to 10943.

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