Comments
Sugar prices rebounded as lifting pressure on stockists eased. Prices on the Vashi wholesale spot market increased by ₹30-40 a quintal, tracking same rise in naka and mill tender rates. A wholesaler said that sugar prices rebounded as lifting pressure for first half of the month on stockists got over and market came back on its normal track. Hopes of higher bulk and retail demand during summer days kept sentiment positive, said observer.
Crushing season for the current year is also expected to end in the next few weeks. Demand-supply equation will now lead the market from the next month. As market carries enough inventory currently, stockists make commitments need-based. Vashi market currently carries 110-120 truckloads’ stocks.
Arrivals at the Vashi market were around 64-65 truckloads (of 100 bags each) and the local dispatches were 60- 62 loads. On Saturday, 9-10 mills offered tenders and sold 44,000-45,000 bags at ₹3,000-60 (₹2,960-3,050) for S-grade and ₹3,100-3,230 (₹3,100-3,200) for M-grade.
Bombay Sugar Merchants Association's spot rates were: S-grade ₹3,142-3,360 (₹3,102-3,350) and M-grade was ₹3,292-3,472 (₹3,261-3,445). Naka delivery rates were: S-grade ₹3,130-3,200 (₹3,070-3,150) and M-grade ₹3,250-3,350 (₹3,170-3,300).
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.