Daily Market Update By ‘Vizzie’

ChiniMandi, Mumbai – Tuesday, 22nd January 2019

Domestic: The market was under pressure with lack of demand. The rates millers quoted today were as follows, Kolhapur belt ₹2900 to ₹2920, Pune-Ahmednagar belt ₹2900 to ₹2910. Major mills have opened their tenders at ₹2900. In Uttar Pradesh, M/30 was traded at ₹3125 to 3175. In Gujarat S/30 was traded at ₹3040. (Rates are excluding GST). Meanwhile, In Kolkata, S/30 was traded at ₹3440 to ₹3450 Including all taxes.

• International: The ex-factory prices have moved up because of good demand from the overseas markets with prices of London White Sugar sliding down resulting in good demand.

London White Sugar is trading at $348.80, whereas US Sugar is trading at $12.89.

The FOB indication for raw sugar was at $302-$305 and Indian White Sugar at $316-$319

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

• Currency & Commodity: The rupee skidded by 16 paise Tuesday — its third straight session of loss — to close at 71.44 against the US dollar amid strengthening of the greenback and heavy selling in domestic equities, meanwhile USD traded with BRL at 3.748, Crude Futures traded at ₹3810, WTI $53.11

Looking at indices, The domestic equity market took a breather after a five-day rising spree as investors booked profits in metal, financials and auto counters, amid weak cues from international markets after IMF lowered its global growth projections for 2019 and 2020. The 30-share BSE Sensex dropped 134.32 points to end at 36444. while the broader NSE Nifty finished 39.10 points lower at 10922.

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