Comments
Sugar prices on the Vashi wholesale market and naka level ruled steady on Friday as trading was routine.
Prices declined by Rs 10 at the mill level, as producers continued to sell old stocks on low demand. In the domestic futures market, prices were unchanged with thin volatility after a five-day gain.
“All are waiting to know how much incentive the Government will give producers and in what form. On Thursday, a Group of Ministers finalised the much-awaited incentives for export of 40 lakh tonnes of raw sugar over a period of two years,” an analyst said.
A senior Government official, who attended the meeting, said the Ministers’ panel will meet again next week to work out the modalities for the calculation of subsidy.
The domestic market seems to be under pressure as demand continues to be lower than supply.
Upcountry buying is lacking in Maharashtra as prices in other States are at a par with Maharashtra, forcing local millers to depend on State-level markets.
Arrivals at the Vashi market were 61-62 truckloads (each 100 bags), while local dispatches were 58-60 loads.
On Thursday evening, 15-16 mills offered tenders and sold 40,000-45,000 bags at Rs 10 lower at Rs 2,600-2,690 (Rs 2,610-Rs 2,700) for S-grade and Rs 2,720-2,870 (Rs 2,720- 2,880) for M-grade.
On the National Commodities and Derivatives Exchange, February contracts closes at Rs 2,759 (Rs 2,758); March at Rs 2,765 (Rs. 2,765); and April at Rs 2,784 (Rs 2,778).
The Bombay Sugar Merchants Association’s spot rates were: S-grade Rs 2,752-2,905 (Rs 2,752-2,905); and M-grade Rs 2,922-3,032 (Rs 2,922-3,032).
Nakadelivery rates were: S-grade Rs 2,700-2,810 (Rs 2,700-2,810); and M-grade Rs 2,820-3,000 (Rs 2,820-3,000).
Comments
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.