ChiniMandi, Mumbai – Monday, 28th January 2019
Domestic: The market opened on a slower pace. It seems the market would witness movement only after the announcement of quota. In Maharashtra resell market is trading at โน2890-โน2920. Mills are quoting S/30 2900 to 2930 and M/30 2980 to 3020. In Uttar Pradesh M/30 sugar is trading at โน3120 to 3180. In Gujarat S/30 was trading at โน2920-โน2960
โข International: The market opened quiet, but now trading 2 to 3% up. London White Sugar is trading at $347, whereas US Sugar is trading at $12.87.
The FOB indication for raw sugar was at $302-$305 and Indian White Sugar at $313-$316
The demand of Raw Sugar range was โน18800-19000/mt and White Sugar โน19300-โน19600/MT on Ex.factory basis.
โข Currency & Commodity: USD traded with INR at 71.12 meanwhile USD traded with BRL at 3.751, Crude Futures traded at โน3801, WTI $52.74.
โข Looking at indices,The benchmark BSE Sensex Monday plunged over 368 points due to across-the-board selling on the bourse as market sentiment turned volatile days ahead of the Union Budget, which is widely believed to have some populist announcements.It finished 368.84 points, down at 35,656. The NSE Nifty tumbled 119 points to end at 10,661 amid weak global cues.
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Budget neglected towards farmers . Rs six thousand help is not sufficient .
Also sugar industry has not considered in budget