Daily Sugar Market Update by Vizzie -18/03/2019

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ChiniMandi, Mumbai – Monday 18th March 2019

Domestic: The week began with the market witnessing a poor demand. In Maharashtra, the mills are opening trades at ₹3100, however, there has been no sales, whereas in resell, S/30 is trading at ₹2950 to ₹3000. In Uttar Pradesh, Ex-mill trades are taking place from ₹3100 to ₹3120. In resell, M/30 sugar is trading at ₹3050 to ₹3090. In Gujarat, S/30 is trading at ₹3100. In Tamil Nadu, Mill trades are taking place at ₹3150 to ₹3200 excluding GST.

• International: The demand is low as the exchange rates are lower. London White Sugar is trading at $344.40 whereas US Sugar is trading at $12.73
The FOB indication for raw sugar was at $307-$310 and Indian White Sugar at $318-$321.
The demand of Raw Sugar range was ₹19000-19200/mt and White Sugar ₹19600-₹19800/MT on Ex.factory basis.

• Currency & Commodity: The rupee was trading against the US dollar at 68.591 meanwhile USD traded with BRL at 3.811, Crude Futures traded at ₹4016, WTI $58.91.

• Looking at indices, Extending its winning streak to the sixth consecutive session, the BSE Sensex stocks made further headway powered by unabated foreign fund inflows and narrowing country’s trade deficit amid positive global cues. The 30-share benchmark ended 70.75 points higher at 38,095.07. Likewise, the 50-stock NSE Nifty finished 35.35 points higher at 11,462.20.

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