Daily Sugar Market Update By ‘Vizzie’

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ChiniMandi, Mumbai – Monday 3rd June 2019

Domestic: With the heavy announced quota for the month of June the market was comparatively slow nationwide . In Maharashtra, Mills are opening their rates at Rs.3100 to Rs.3140/Qntl, whereas in Resell, the rates are Rs.3040 to 3070. In Uttar Pradesh, Mill sales are taking place at Rs.3270 to 3320. In resale, the market rates are Rs.3260 to 3300. In Gujarat, S/30 is trading at Rs.3120 to 3180. In Tamil Nadu, Mill trades are taking place at Rs.3285 to Rs.3350 excluding GST.

International: According to market sources, majority of the millers from Maharashtra, Karnataka and Gujarat state have already accomplished exporting under their allocated MIEQ. The market has taken an uptrend owing to the demand, however now the supply pipeline is under shortage.

London White Sugar is trading at $328.00 whereas US Sugar is trading at $11.95.

The FOB indication for raw sugar was at $325-$328 and Indian White Sugar at $342-$345.

The demand of Raw Sugar range was ₹20300-20500/mt and White Sugar ₹21500-₹21800/MT on Ex.factory basis.

Currency & Commodity: The rupee was trading against the US dollar at 69.266 meanwhile USD traded with BRL at 3.9172, Crude Futures traded at ₹3774, Crude WTI is trading at $54.39

Indices: Indian markets rose to record highs today, with both Sensex and Nifty hitting new milestones. The Sensex ended 553 points higher at 40,267, a record closing high. Similarly, Nifty also took out the 12,000 level by settling at 12,088, up 65.75 points at 12,088.55.

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