Daily Sugar Market Update By ‘Vizzie’

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ChiniMandi, Mumbai – Wednesday 13th February, 2019

Domestic: With strong rumors and anticipation of the announcement of hike in MSP, the market witnessed a good demand, nevertheless, the prices remained firm. In Maharashtra, millers opened their tenders at ₹2915 to 2950, in resell S/30 is trading at ₹2910 to ₹2940. In Uttar Pradesh, 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 ₹3290 to 3340 inclusive of GST.

International: With the expiry of March contract of London White Sugar, volatility was witnessed however, physically the demand was weak. London White Sugar is trading at $331.80 whereas US Sugar is trading at $12.84.

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 70.80, meanwhile USD traded with BRL at 3.722, Crude Futures traded at ₹3808, WTI $53.73

Looking at indices, The benchmark BSE index opened higher and advanced to hit a high of on the back of positive macroeconomic data as retail inflation fell to a 19-month low on continued decline in food prices and positive cues from other Asian markets. The index finally ended 119.51 points lower at 36,034. The gauge had lost over 720 points in the previous four days.In similar movement, the NSE Nifty fell below 10,800 and settled the day 37.75 points down at 10,793.65.

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