Daily Market Update By ‘Vizzie’

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ChiniMandi, Mumbai – Thursday, 31st January 2019

Domestic: The market remained quiet on while awaiting the monthly quota for the month of February. There are strong rumours that the quota would be for the month of February is 18.5 Lakh MT however there is no confirmation from DFPD.

In Maharashtra, S/30 Grade Old Sugar was traded at 2870 to 2880, New S/30 2880 to 2895 in resale. Millers have opened their tenders at MSP level, which is 2900 to 2920 yet there was no demand. In Uttar Pradesh Market remained quiet. M/30 sugar is trading at  ₹3110 to 3170. In Gujarat S/30 is trading at ₹2930-₹2960.

International: The market was quiet, London White Sugar is trading at $341.40 whereas US Sugar is trading at $12.63.

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:  USD traded with INR at 71.14 meanwhile USD traded with BRL at 3.6545, Crude Futures traded at ₹3863,WTI $54.19.

Looking at indices, The 30-share Sensex rallied 665.44 points to close at 36,256.69. The broader Nifty soared 179.15 points and closed at 10,830.95.

 

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