Daily Sugar Market Update By ‘Vizzie’

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ChiniMandi, Mumbai – Monday 11th February, 2019

Domestic: The market opened quite steady with a “wait and watch mode” in anticipation of some decision on hike of MSP. In Maharashtra, millers opened their tenders at ₹2910 to 2940, in resell S/30 is trading at ₹2900 to ₹2930. In Uttar Pradesh, M/30 sugar is trading at ₹3085 to ₹3135. In Gujarat, there was moderate demand S/30 is trading at ₹2950 to ₹2990, whereas in Chennai the demand is noticeably poor S/30 is trading at ₹3280 to 3320

• International: Sugar prices were under pressure due to weak crude oil and depreciation in Brazilian Real leading to selling in sugar futures. London White Sugar is trading at $329.70 whereas US Sugar is trading at $12.66

The FOB indication for raw sugar was at $300-$303 and Indian White Sugar at $311-$314

The demand of Raw Sugar range was ₹18500-18700/mt and White Sugar ₹19200-₹19400/MT on Ex.factory basis.

• Currency & Commodity: The rupee firmed against the US dollar and was trading at 71.170, meanwhile USD traded with BRL at 3.730, Crude Futures traded at ₹3726, WTI $52.28

• Looking at indices, Indian equities extended their fall for yet another session, with the BSE Sensex falling over 150 points and the NSE Nifty slipping below the 10,900 mark on heavy selloff in banking, realty, auto and pharma stocks. Investors were cautious ahead of industrial production and inflation data due this week, amid as global growth worries, including the US-China tariff tiff, and lacklustre corporate earnings, traders said. The 30-share barometer ended at 36,395 down 151.45 points. The 50-script NSE Nifty finished 49.80 points down at 10,888.

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