Daily Sugar Market Update By ‘Vizzie’

 

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ChiniMandi, Mumbai – Friday, 1st March 2019

Domestic: With the announcement of increase in the monthly sugar release quota for the country heavily by 16.67% to 24.5LMT the market witnessed quiteness.

In Maharashtra, the quota for the current month was announced with an increased of 14.29%. Mill trades are taking place at ₹3100 whereas, in resell, S/30 is trading at ₹3000 to ₹3040.

In Uttar Pradesh, the quota for the current month was announced with an increase of 20.45%. Ex-mill trades are taking place from ₹3120 to ₹3140. In resell, M/30 sugar is trading at ₹3120 to ₹3140.

In Gujarat, the quota for the current month was announced with a decrease of 3.59%, S/30 is trading at ₹3100 to 3130.

In Tamil Nadu, the quota for the current month was announced with an increase of 28.16%,
In Chennai, S/30 is trading at ₹3460 to ₹3520 inclusive GST.

• International: No major movement was witnessed in the market. London White Sugar is trading at $345.80 whereas US Sugar is trading at $12.73.
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 70.900, meanwhile USD traded with BRL at 3.761, Crude Futures traded at ₹4076, WTI $57.35.

• Looking at indices, market benchmark Sensex rose and also posted its second straight weekly gains amid signs of easing tensions between India and Pakistan. The key BSE index also snapped its three-session losing run after the March derivatives series got off to a strong start coupled with uninterrupted foreign fund inflows. The 30-share Sensex opened positive and rallied to the session’s high on widespread buying by participants. However, profit-booking in select counters trimmed the gains as the gauge settled 196.37 points higher at 36,063.81. The NSE Nifty, after hitting a high closed at 10,863.50 up 71 points. Financial, capital goods, IT, power and oil and gas sector stocks hogged the limelight, helped indices to reclaim their key level.

 

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