Daily Market Update By ‘Vizzie’

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ChiniMandi, Mumbai – Wednesday, 30th January 2019

Domestic: Today in the domestic market there were rumors that MSP would be hiked to 3100 & Quota for February month would be lesser than the last month’s quota. Yet, in Maharashtra, the market witnessed desperate selling, the rates quoted for S/30 Grade Old Sugar are ₹2870 to ₹2880, New S/30 ₹2880 to ₹2895 in resale. Millers have opened their tenders at MSP level, which is ₹2900 to ₹2950. There was no demand. In Uttar Pradesh Market the market conditions were same. Almost all the mills finished selling their quota. Some movement in first-week trading is awaited in the anticipation of quota. M/30 sugar is trading at ₹3120 to 3180. In Gujarat, S/30 was trading at ₹2940-₹2971

• International: The market was quiet, London White Sugar is trading at $342.70 whereas US Sugar is trading at $12.70.
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 71.34 meanwhile USD traded with BRL at 3.712, Crude Futures traded at ₹3841, WTI $53.84.

• Looking at indices, Equity benchmarks Sensex and Nifty ended flat as investors refrained from taking any bets ahead of January derivatives expiry, US Fed policy outcome, and upcoming Union Budget. After opening over 200 points higher, the 30-share Sensex swung 359 points to finally settle 1.25 points lower at 35,591. Similarly, the broader NSE Nifty ended 0.40 points down at 10,651.

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