Daily Sugar Market Update By ‘Vizzie’

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ChiniMandi, Mumbai – Thursday 4th April 2019

• Domestic: The market witnessed scattered demand nationwide. In Maharashtra, Mills are opening their rates at Rs.3100 to Rs.3120/Qntl however the sale is scanty. In Resell, rates are Rs.2990 to 3020. In Uttar Pradesh, mill sales are taking place at Rs.3180 to 3220. In resale, the market rates are Rs.3125 to 3160. In Gujarat, S/30 is trading at Rs.3110 to 3120. In Tamil Nadu, Mill trades are taking place at Rs.3200 to Rs.3300 excluding GST.

• International: The market did not witness any major movement. London White Sugar is trading at $327.70 whereas US Sugar is trading at $12.46.

The FOB indication for raw sugar was at $308-$310 and Indian White Sugar at $320-$322.

The demand of Raw Sugar range was ₹19300-19500/mt and White Sugar ₹19700-₹19900/MT on Ex.factory basis.

• Currency & Commodity: The rupee was trading against the US dollar at 69.10 meanwhile USD traded with BRL at 3.865, Crude Futures traded at ₹4320, WTI $62.70

•Indices: The BSE Sensex closed lower after the RBI lowered GDP growth forecast for 2019-20 and kept its monetary policy stance ‘neutral’ amid uncertainty over monsoon. After a volatile session, the 30-share Sensex index settled 192.40 points lower at 38,684.72. In a similar movement, the broader NSE Nifty slipped ending 45.95 points down at 11,598.

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