Comments
Sugar prices extended their gains for the second consecutive day on Tuesday. Higher local demand and increased volume at mill level kept sentiments positive. Also reports of the Government restoring export sops to ₹3,300 a tonne lifted prices higher, an observer said.
Sources said that Bombay Sugar Merchants Association spot rates were up ₹15-20 tracking firm mill tender rates which went up by ₹20/quintal on higher demand. Naka rates were also firmed up by ₹20-40 on lack of reselling. Producers sold about 60,000 bags taking total sales of over two lakh bags in last two days. Delay in monsoon rain which will affect kharif sowing and higher temperature in most parts of the country lifted demand for sugar especially from cold drinks and juice makers. Arrivals at Vashi wholesale market declined to 61-62 truckloads and local offtake was 59-60 loads. On Monday evening, 19-20 mills offered tenders and sold over 60,000 bags at ₹2,900-3,000 (₹2,880-2,980) for S-grade and ₹3,000-3,150 (₹2,980-3,130) for M-grade.
Bombay Sugar Merchants Association’s spot rates: S-grade ₹3,032-3,155 (₹3,030-3,155) and M-grade was ₹3,172-3,311 (₹3,152-3,300). Naka delivery rates: S-grade ₹3,000-3,100 (₹2,980-3,060) and M-grade ₹3,100-3,230 (₹3,100-3,210).
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.