Daily Sugar Market Update By ‘Vizzie’

 

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ChiniMandi, Mumbai – Tuesday 12th February, 2019

Domestic: After today’s CoS meeting for hike in MSP, there was strong rumours for MSP hike from ₹2900/- to ₹3100/- per Qntl. Nationwide good demand of stockists seen in domestic market with increment of ₹15 to ₹25 per Qntl. Trade is waiting for announcement of MSP hike from the Government.

In Maharashtra, millers opened their tenders at ₹2915 to 2950, in resell S/30 is trading at ₹2910 to ₹2940. In Uttar Pradesh the market gained some improvement, M/30 sugar is trading at  ₹3100 to ₹3150. In Gujarat, there was noticeably a good demand S/30 is trading at ₹2975 to ₹3000, whereas in Chennai S/30 is trading at ₹3130 to ₹3180 (Rates are excluding GST)

  • International: No major movement was witnessed as London White Sugar Contract is around the corner for expiry. London White Sugar is trading at $328.60 whereas US Sugar is trading at $12.82.

The FOB indication for raw sugar was at $300-$303 and Indian White Sugar at $311-$314

The demand of Raw Sugar range was ₹18500-18700/mt and White Sugar ₹19200-₹19400/MT on Ex.factory basis.

  • Currency & Commodity: The rupee was trading against the US dollar at 70.72, meanwhile USD traded with BRL at 3.740, Crude Futures traded at ₹3773, WTI $53.28
  • Looking at indices, Domestic equities ended in the negative terrain for the fourth straight session, with the BSE benchmark Sensex falling over 200 points as investors intensified selling towards the fag end of the day, even as global cues remained positive. After opening on a positive note, the BSE Sensex advanced to hit an intraday high in opening trade, driven by a firming trend at other Asian markets. However, indices failed to hold on to gains as profit-taking re-emerged in the later part of the session, wiping off initial gains, with the BSE Sensex settling 241.41 points down at 36153 points. The broader Nifty, after touching a high finished at 10,831, down 57.40 points.

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