Daily Sugar Market Update By ‘Vizzie’

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ChiniMandi, Mumbai -Monday 25th February 2019

Domestic: The market opened witnessing a mixed trend consecutively for the second week. In Maharashtra, Mills are desperately anticipating to sell their sugar stocks, however, the slow-paced sales and no out states demand has made them worried to complete selling the current month’s quota. In resell S/30 is trading at ₹3000 to ₹3040. In Uttar Pradesh, Ex mill trades are taking place from ₹3115 to ₹3165. In resell, M/30 sugar is trading at ₹3140 to ₹3195. In Gujarat, there was slight demand, S/30 is trading at ₹3110 to 3130. In Chennai the demand was moderate, S/30 is trading at ₹3460 to ₹3520 inclusive GST.

International: With a good demand from Iraq for raw sugar from India, prices are firm. London White Sugar is trading at $355.30 whereas US Sugar is trading at $13.29.
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 71.010, meanwhile USD traded with BRL at 3.747, Crude Futures traded at ₹4088, WTI $57.41.

• Looking at indices, The BSE Sensex zoomed 342 points and the NSE Nifty reclaimed the 10,800 mark in today’s session, driven by IT and financial stocks, amid heavy foreign and domestic fund inflow. Domestic equities tracked positive cues from other Asian and European markets after US President Donald Trump announced the extension of the March 1 deadline for increasing tariff on import of Chinese products. The 30-share index ended 341.90 points at 36,213.38; while the broader Nifty soared 88.45 points to conclude the session at 10,880.10

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