Daily Market Update By ‘Vizzie’

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ChiniMandi, Mumbai – Tuesday, 16th January 2019

Domestic: The market opened with ​a see-saw session with expectations on some concrete decision on MSP hike from today’s cabinet meeting, however, afternoon ​nationwide there was no demand. While speaking in an interview with a national channel, Mr.Atul Chaturvedi who is the Executive Director at Shree Renuka Sugars Ltd commented that the there is a need of hike in MSP and it should be ranging between ₹34-35/kg. The industry is held with high hopes with the decision on the hike of MSP. Traders are anticipating that the market would fall ₹30-40 more if there is no decision taken on MSP. The rates millers quoted today were as follows, Kolhapur belt ₹2925 to ₹2960, Pune-Ahmednagar belt ₹2930 to ₹2960. In Uttar Pradesh, M/30 was traded at ₹3210 to to 3270. In Gujarat millers have sold S/30 sugar at ₹3030. (Rates are excluding GST). Meanwhile In Kolkata, S/30 was traded at ₹3500 including GST, the South market was closed on occasion of Sankrant festival.

• International: The market was flat, after yesterday’s positive movement. London White Sugar trading at $354.80, whereas US Sugar tringading at $13.23.
The FOB indication for raw sugar was at $298-$302 and Indian White Sugar at $312-$316
The demand of Raw Sugar range was ₹18300-18500/mt and White Sugar ₹19300-₹19500/MT on Ex.factory basis.

• Currency & Commodity:​ USD traded with INR at 71.34 meanwhile USD traded with BRL at 3.7208, Crude Futures t​ raded at ​₹3688, ​WTI $51.76.

• ​ Equity indices ended marginally higher ended almost flat after a volatile trading session, tracking mixed cues from the global markets amid geopolitical uncertainties. After swinging nearly 200 points, the 30-share BSE Sensex index settled 2.96 points higher at 36,321.29. The broader NSE Nifty inched up 3.50 points to 10,890.30.

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