Daily Sugar Market Update By ‘Vizzie’

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ChiniMandi, Mumbai – Friday, 22nd February 2019

Domestic: The week came to an end with the market witnessing a mixed trend. In Maharashtra, Mills are desperately anticipating selling their sugar stocks; however, the slow-paced sales have made them seem it is unattainable to complete selling the current month’s quota. In resell S/30 is trading at ₹3010 to ₹3050. In Uttar Pradesh, the market improved by ₹15 to ₹20 with good demand. Majority of the mills have attained completion of the sales of their monthly quota which also makes market men/traders assume that the market will take an uptrend in the near days. Ex-mill trades are taking place from ₹3145 to ₹3190. In resell, M/30 sugar is trading at ₹3155 to ₹3210. In Gujarat, the demand is yet poor, millers are panicked that they might not fulfill selling the allotted monthly quota. S/30 is trading at ₹3110 to 3130.

• International: The demand is good. London White Sugar is trading at $358.60 whereas US Sugar is trading at $13.37.

The FOB indication for raw sugar was at $306-$309 and Indian White Sugar at $317-$321
The demand of Raw Sugar range was ₹19500-19600/mt and White Sugar ₹19800-₹20150/MT on Ex.factory basis.

• Currency & Commodity: The rupee was trading against the US dollar at 71.11, meanwhile USD traded with BRL at 3.768, Crude Futures traded at ₹4095, WTI $57.45.

• Looking at indices, The BSE Sensex ended marginally lower on losses in banking stocks as investors turned cautious after the release of minutes of RBI’s latest policy meeting highlighted growth concerns. The 30-share Sensex settled 26.87 points lower at 35,871.48. The broader NSE Nifty inched up 1.80 points to 10,791.65.

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