Daily Sugar Market Update By ‘Vizzie’

 

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ChiniMandi, Mumbai – Friday 8th March 2019

Domestic: The market has been witnessing a downtrend throughout the week amid a hike in MSP recently. In Maharashtra, Mills are opening trades at ₹3100 with negligible sales whereas, in resell, S/30 is trading at ₹2980 to ₹3020. In Uttar Pradesh, Ex-mill trades are taking place from ₹3100 to ₹3130. In resell, M/30 sugar is trading at ₹3080 to ₹3120. In Gujarat, S/30 is trading at ₹3100 to 3120. In Tamil Nadu, Mill trades are taking place at ₹3150 to ₹3230

• International: The market is flat. London White Sugar is trading at $336.80 whereas US Sugar is trading at $12.73.
The FOB indication for raw sugar was at $303-$305 and Indian White Sugar at $313-$316.
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 70.06 meanwhile USD traded with BRL at 3.870, Crude Futures traded at ₹3914, WTI $55.77.

• Looking at indices, The BSE benchmark Sensex snapped its four-day rising streak to end marginally lower on losses in IT and metal stocks as investors turned cautious amid weak overseas cues. The 30-share index settled 53.99 points lower at 36,671.43, while the broader NSE Nifty slipped 22.80 points to 11,035.40.

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