Daily Market Update By ‘Vizzie’

ChiniMandi, Mumbai – Tuesday, 8th January 2019

• Domestic: The week’s second day ended with slight demand nationwide. The industry is yet hoping that the Govt. would increase the MSP of sugar which would improve the market sentiments. In Maharashtra millers opened tenders at ₹2900 to ₹2920, whereas in resale, traders were quoting S/30 at ₹2890-₹2900, In Uttar Pradesh, M/30 was traded at ₹3050 to ₹3150 (Rates are excluding GST).

• International: With the New York Exchange trading at a 3 week high the demand was also quite good. London White Sugar traded at $347.60, whereas US Sugar Traded at $12.78.
The FOB indication for raw sugar was at $296-$300 & Indian White Sugar at $314-$318
The demand of Raw Sugar range was ₹18200-18400/mt & White Sugar ₹19200-₹19400/MT on Ex.factory basis.

• Currency & Commodity: US Dollar traded with INR at 70.36 meanwhile USD traded with BRL at 3.721, Crude Futures traded at ₹3458, WTI $49.13.

• Equity: Benchmark equity indices ended higher for the third straight session Tuesday on widespread buying towards the fag-end amid fresh inflows by foreign funds and positive global cues. The BSE Sensex spurted 130 points to end at 35980, while the broader NSE Nifty advanced 30 points to 10802. Both indices were traded in the negative zone through the session as investors booked profits in recent gainers amid weakness in the rupee due to the rise in global crude prices.

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