Daily Sugar Market Update By ‘Vizzie’

 

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ChiniMandi, Mumbai – Tuesday 26th March 2019

• Domestic: On the announcement of the quota for the month of April lesser by 26.53% compared to last month along with millers being allowed to carry forward their unsold sugar stocks for the current month i.e. March 2019 to April 2019, the market witnessed an upward trend nationwide. In Maharashtra, Mills are opening their rates at Rs.3100/Qntl. Whereas in resell, the market took an uplift by Rs.30 to 40 with good demand. Resell rates are Rs.2950 to 3000. In Uttar Pradesh the market at destination improved by Rs.80 like Dankuni from Rs.3400 to 3480, Guwahati Rs.3400 to 3470. There were no mill sales today. In resale, the market improved by Rs.40 with rates Rs.3120 to 3150. In Gujarat, S/30 is trading at ₹3110. In Tamil Nadu, Mill trades are taking place at ₹3150 to ₹3200 excluding GST.

• International: The market was flat. London White Sugar is trading at $330.00 whereas US Sugar is trading at $12.43.

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 68.93 meanwhile USD traded with BRL at 3.844, Crude Futures traded at ₹4136, WTI $59.77

• Indices: Benchmark Sensex rebounded to end well above the 38,000-mark breaking its two-day falling streak on gains in heavyweights amid persistent foreign fund inflows and positive global leads. It finally ended at 38,233.41, up 424.50 points. The broader NSE Nifty climbed 129 points to close at 11,483.25.

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