Daily Sugar Market Update By ‘Vizzie’

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ChiniMandi, Mumbai – Thursday, 28th February 2019

• Domestic: Nationwide the market sensed quietness with very less demand. In Maharashtra, sugar stocks have been piling up day by day. Earlier millers were anticipating some sweet movements in the market with the hike of MSP and therefore they held their sugar stocks and now they are unable to channelise their sugar stocks due to negligible intra state demand with the same rates prevailing in majority states. It is also assumed that approx 50% stocks of the February quota lays unsold or unlifted in the State. In Maharashtra, mill trades are taking place at ₹3100 whereas,in resell S/30 is trading at ₹2980 to ₹3030. In Uttar Pradesh, Ex mill trades are taking place from ₹3100 to ₹3160. For the first time ever, Since the MSP was hiked, the traders had to trade sugar below MSP in resale due to lifting pressure. M/30 sugar is trading at ₹3080 to ₹3130. In Gujarat, S/30 is trading at ₹3110 to 3130. In Chennai, S/30 is trading at ₹3460 to ₹3520 inclusive GST.

• International: The market witnessed weak demand. London White Sugar is trading at $347.70 whereas US Sugar is trading at $12.81.

The FOB indication for raw sugar was at $303-$305 and Indian White Sugar at $315-$318.
The demand of Raw Sugar range was ₹19300-19400/mt and White Sugar ₹19600-₹19800/MT on Ex.factory basis.

• Currency & Commodity: The rupee was trading against the US dollar at 70.786, meanwhile USD traded with BRL at 3.726, Crude Futures traded at ₹4018, WTI $56.57

• Looking at indices, Extending its fall for the third session, the BSE benchmark Sensex ended marginally lower after investors squared-off their positions on February derivative contracts’ expiry amid concerns over tension between India and Pakistan. Weak cues from other Asian markets and a lower opening of European equities too weighed on market mood, traders said. The 30-share index took off on a strong footing, advancing to a high in early session largely on the back of sustained foreign fund inflows and covering-up of short positions by speculators. However, selling activity re-emerged in line with weak domestic and global cues, pushing the index to a low.It finally settled 37.99 points lower at 35,867.44. The 50-share Nifty also fell 15.70 points to 10,792.50 on alternate bouts of buying and selling.

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