Daily Sugar Market Update By ‘Vizzie’

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ChiniMandi, Mumbai -Tuesday 12th March 2019

Domestic: Sugar sales have come standstill across the country. Overselling by sugar mills in the previous months in anticipation of an increase in government-set floor price has blocked the pipelines, pulling demand down, yet desperate to sell sugar stocks. In Maharashtra, Mills are opening trades at ₹3100 with negligible sales whereas, in resell, S/30 is trading at ₹2975 to ₹3020. In Uttar Pradesh, Ex-mill trades are taking place from ₹3100 to ₹3120. In resell, M/30 sugar is trading at  ₹3065 to ₹3110. In Gujarat, S/30 is trading at ₹3100 to 3120. In Tamil Nadu, Mill trades are taking place at ₹3150 to ₹3230 exclusive GST.

 

  • International: The market is flat. London White Sugar is trading at $339.20 whereas US Sugar is trading at $12.26.

The FOB indication for raw sugar was at $303-$305 and Indian White Sugar at $313-$316.

The demand of Raw Sugar range was ₹19100-19300/mt and White Sugar ₹19600-₹19800/MT on Ex.factory basis.

 

  • Currency & Commodity: The rupee was trading against the US dollar at 69.83 meanwhile USD traded with BRL at 3.840, Crude Futures traded at ₹3994, WTI $57.27.

 

  • Looking at indices, The BSE benchmark Sensex Tuesday soared on intense buying mainly in financial, energy and telecom stocks amid strong foreign fund inflows and positive global cues. The 30-share BSE gauge settled 481.56 points higher at 37,535.66. The broader NSE Nifty reclaimed the psychological 11,300-level and closed with gains of 133.15 points at 11,301.20.

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