Daily Sugar Market Update By ‘Vizzie’

 

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ChiniMandi, Mumbai – Thursday, 21st February 2019

Domestic: The market continued to have a mixed trend, yet there are expectations that the market will improve. In Maharashtra, Mill reduced their rates, mill sales are happening at ₹3100 to ₹3130. In resell S/30 is trading at ₹3030 to ₹3050. In Uttar Pradesh, the prices have almost touched MSP levels, marketmen/ traders are expecting the market to improve by ₹40 to ₹50. Ex mill trades are taking place from ₹3130 to ₹3180. In resell M/30 sugar is trading at ₹3140 to ₹3200. In Gujarat, the demand is poor, S/30 is trading at ₹3120 to 3150. In Chennai, there was improvement in demand, S/30 is trading at ₹3480 to ₹3520 inclusive GST.

• International: The demand is good. London White Sugar is trading at $358.30 whereas US Sugar is trading at $13.38.

The FOB indication for raw sugar was at $305-$307 and Indian White Sugar at $316-$318
The demand of Raw Sugar range was ₹19000-19200/mt and White Sugar ₹19700-₹20000/MT on Ex.factory basis.

• Currency & Commodity: The rupee was trading against the US dollar at 71.27, meanwhile USD traded with BRL at 3.718, Crude Futures traded at ₹4094, WTI $57.39.
• Looking at indices, extending gains for the second session, the BSE Sensex rose

142 points Thursday led by pharma, metal, auto and banking stocks amid buying by foreign and domestic institutional investors. The 30-share Sensex settled 142.09 points higher at 35,898.35. The broader NSE Nifty gained 54.40 points to 10,789.85.

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