Daily Sugar Market Update By ‘Vizzie’

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ChiniMandi, Mumbai – Tuesday 7th May 2019

Domestic: The market witnessed moderate demand with prices firm nationwide. In Maharashtra, Mills are opening their rates at Rs.3100 to Rs.3140/Qntl, whereas in Resell, the rates are Rs.3060 to 3090. In Uttar Pradesh, Mill sales are taking place at Rs.3210 to 3260. In resale, the market rates are Rs.3200 to 3240. In Gujarat, S/30 is trading at Rs.3140 to 3150. In Tamil Nadu, Mill trades are taking place at Rs.3310 to Rs.3360 excluding GST.

International: The market is flat. London White Sugar is trading at $329.80 whereas US Sugar is trading at $11.99
The FOB indication for raw sugar was at $314-$316 and Indian White Sugar at $322-$325.

The demand of Raw Sugar range was ₹19800-20000/mt and White Sugar ₹20300-₹20500/MT on Ex.factory basis.

Currency & Commodity: The rupee was trading against the US dollar at 69.62 meanwhile USD traded with BRL at 3.979, Crude Futures traded at ₹4288, Crude WTI is trading at $61.66

Indices: Benchmark indices fell as investors continued to weigh US-China trade tiff and lukewarm corporate results. Indian bourses after starting the session on a high came under heavy selling pressure as domestic investors’ sentiment took a beating after IMF chief said US-China tensions were a ‘threat’ to the world economy. The 30-share index ended 323.71 points lower at 38,276.63. Similarly, the NSE Nifty dropped 100.35 points to settle below the 11,500 level at 11,497.90.

SOURCEChiniMandi

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