Daily Sugar Market Update By Vizzie

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ChiniMandi, Mumbai – Wednesday 8th May 2019

Domestic: With the initial week of May passing with good demand and prices getting firm with an uptrend of Rs.50 to 60 nationwide, a handsome quantity of sugar stocks has passed in the pipeline. In Maharashtra, the market has gained stability, millers are also able to sigh a breath of relief after sugar stocks taking a move after a long period of scanty demand. Millers are quite eager to sell their stocks with the same or even better momentum. Millers are also anticipating for continuous stability. 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 $326.50 whereas US Sugar is trading at $11.91

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 69.80 meanwhile USD traded with BRL at 3.970, Crude Futures traded at ₹4262, Crude WTI is trading at $61.13

Indices: Domestic equity benchmarks extended their losing streak as US-China trade tensions weighed on global investor sentiment. The 30-share BSE index ended 487.50 points lower at 37,789.13. Similarly, the NSE Nifty sank 138.45 points to settle at 11,359.45.

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