Comments
Sugar prices continued to decline on hand-to-mouth local demand amid continuous supply from producers on Wednesday. On the Vashi wholesale market, spot rates declined by ₹20-25 a quintal, tracking a sharp drop in naka prices which dipped by ₹40-50. Millers sold the commodity ₹10-20 lower through tender offer on Tuesday evening as demand was lower than expected. Sources said that ample stocks in the market, continuous supply from mills and need-based local demand kept the volume routine. Producers and stockists were keen to offload old stock at lower price. On export front, lower-than-expected demand diverted supply in local markets.Arrivals at Vashi market were around 62-63 truckloads (100 bags each) and the local dispatches were 58-60 loads. On Tuesday evening, about 16-17 mills offered tenders and sold 54,000-55,000 bags at ₹3,020-3,100 (₹3,060-3,120) for S-grade and ₹3,130-3,300 (₹3,150-3,330) for M-grade.
Bombay Sugar Merchants Association’s spot rates were: S-grade ₹3,182-3,346 (₹3,202-3,346) and M-grade was ₹3,300-3,486 (₹3,322-3,492). Naka delivery rates were: S-grade ₹3,150-3,180 (₹3,150-3,220) and M-grade ₹3,200-3,370 (₹3,240-3,420).
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.