Daily Market Update By Vizzie

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ChiniMandi, Mumbai – Friday 1st February, 2019

Domestic: With the unexpected heavy monthly release order the market sentiments were very weak resulting in very scanty demand. In Maharashtra, millers continued to open tenders at MSP level yet resulting in no major movement in the market. In resell, S/30 Grade Old Sugar was traded at ₹2870 to ₹2880, New S/30 ₹2880 to ₹2895. In Uttar Pradesh Market remained quiet. M/30 sugar is trading at ₹3080 to 3140. In Gujarat, S/30 was trading at ₹2940-₹2971, whereas in Chennai S/30 was traded at ₹3300-3340.

• International: The market did not witness any major movement, London White Sugar is trading at $339.20 whereas US Sugar is trading at $12.72.

The FOB indication for raw sugar was at $302-$305 and Indian White Sugar at $313-$316
The demand of Raw Sugar range was ₹18800-19000/mt and White Sugar ₹19300-₹19600/MT on Ex.factory basis.

• Currency & Commodity: The rupee depreciated 24 paise against US dollar to 71.32, meanwhile USD traded with BRL at 3.6545, Crude Futures traded at ₹3842, WTI $53.67

• Looking at indices, Benchmark Sensex ended higher in seesaw trade after the government presented a farm-friendly, consumption-oriented Budget ahead of the general elections. It finally ended 212.74 points higher at 36469. Similarly, the 50-share NSE Nifty jumped 62.70 points to close at 10893.

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