Daily Sugar Market Update By ‘Vizzie’

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ChiniMandi, Mumbai – Wednesday, 6th March 2019

Domestic: The announcement of heavy quota for the current month has made the market experience flatness nationwide amid the hike in MSP. Millers are anxious about selling their sugar stocks. In Maharashtra, Mills are opening trades at ₹3100 with negligible sales whereas, in resell, S/30 is trading at ₹3000 to ₹3040. In Uttar Pradesh, Ex-mill trades are taking place from ₹3100 to ₹3140. In resell, M/30 sugar is trading at ₹3120 to ₹3140. In Gujarat, S/30 is trading at ₹3100 to 3120. In Chennai, S/30 is trading at ₹3460 to ₹3480 inclusive GST.

• International: The market is flat. London White Sugar is trading at $341.30 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 70.27 meanwhile USD traded with BRL at 3.775, Crude Futures traded at ₹3950, WTI $56.09.

• Looking at indices, The BSE Sensex furthered its gains for the third straight session Wednesday, rising over 193 points to 36,636.10 on sustained buying mainly in finance, energy, and metal counters. Analysts said that the market sentiment has turned favorable weeks ahead of the general elections amid easing of tensions between India and Pakistan. Similarly, the NSE gauge Nifty also rose over 65 points to close above the psychologically key 11,000 level at closed at 11,053.

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