Daily Market Update By ‘Vizzie’

ChiniMandi, Mumbai – Thursday, 24th January 2019

Domestic: The demand in Maharashtra was very poor in spite of a few traders quoting resale rates at ₹2885-₹2900. Mills were eager to sell their shipments at ₹2900 even on demand of Super S grade. Seems like the monthly quota of Maharashtra will remain unsold.

In Uttar Pradesh, M/30 was traded at ₹3120 to to 3180. In Gujarat S/30 was traded at ₹3030. (Rates are excluding GST). Meanwhile In Kolkata, S/30 was traded at ₹3430 to ₹3440 Including all taxes.

• International: The market remained stable. London White Sugar is trading at $349.50, whereas US Sugar is trading at $12.95.
The FOB indication for raw sugar was at $302-$305 and Indian White Sugar at $316-$319

The demand of Raw Sugar range was ₹18800-19000/mt and White Sugar ₹19500-₹19800/MT on Ex.factory basis.

• Currency & Commodity: USD traded with INR at 71.330 meanwhile USD traded with BRL at 3.791, Crude Futures traded at ₹3829, WTI $53.49

• Looking at indices,Domestic equity market Thursday witnessed moderate recovery after choppy trade as both Sensex and Nifty reversed their two-day losing spell on the back of gains in heavyweights. The 30-share BSE Sensex, after opening higher gave up all gains and slipped into the negative terrain and touched a low however, on emergence of buying in late afternoon trade, it staged a comeback to close the day 86.63 points, at 36195. Similarly, the 50-share NSE Nifty closed higher by 18.30 points 1084.

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