Daily Sugar Market Update By ‘Vizzie’ – 19/03/2019

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ChiniMandi, Mumbai – Tuesday 19th March 2019

• Domestic: Nationwide, the market witnessed a mixed demand; however no major movement took place. 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 ₹3065 to ₹3100. 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 $345.30 whereas US Sugar is trading at $12.79.

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 68.950 meanwhile USD traded with BRL at 3.792, Crude Futures traded at ₹4077, WTI $59.73.

• Looking at indices, The stock market continued its winning run for a seventh consecutive session with the BSE Sensex rising to close at over six-month high led by gains in index heavyweights like ITC, RIL and Infosys amid continuous foreign fund inflow. The 30-share index started off on a strong footing winding up at 38,363.47, recording a significant rise of 268.40 points. The 50-share NSE Nifty closed at 11,509.80, higher by 70.20 points.
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