Daily Sugar Market Update By ‘Vizzie’

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ChiniMandi, Mumbai – Tuesday 19th February 2019

Domestic: With the second day straight, nationwide the market witnessed poor demand. In Maharashtra, Millers opened sales at ₹3100 to ₹3120. In resell S/30 is trading at ₹3030 to ₹3050. In Uttar Pradesh,millers are anticipating to open doors for new markets considering the difference between Uttar Pradesh and Maharashtra market rates, millers have offered tenders at ₹3180 to ₹3250. M/30 sugar is trading at ₹3160 to ₹3220. In Gujarat, S/30 is trading at ₹3140 to 3160. In Chennai S/30 is trading at ₹3500 to ₹3540 inclusive GST.

• International: The demand was good however the prices floated the same as yesterday. London White Sugar is trading at $356.90 whereas US Sugar is trading at $13.14.
The FOB indication for raw sugar was at $305-$307 and Indian White Sugar at $316-$318
The demand of Raw Sugar range was ₹19000-19200/mt and White Sugar ₹19700-₹20000/MT on Ex.factory basis.

• Currency & Commodity: The rupee was trading against the US dollar at 71.491, meanwhile USD traded with BRL at 3.7209,, Crude Futures traded at ₹4004, WTI $56.41.

• Looking at indices, BSE Sensex gave up early gains and was dragged down by IT stocks amid strong foreign fund outflows.
Lacklustre cues from other Asian and European markets too weighed on investor sentiment, analysts said.
The 30-share index settled 145 points lower to close at 35,352. The broader NSE Nifty fell 36 points to 10,604.

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