Sugar continues to remain range-bound

Our Correspondent
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Spot sugar prices on the Vashi wholesale market ruled steady on Thursday with range-bound price movement of Rs 5-10. Naka and mill tender rates witnessed mixed trend on stagnant demand and steady reports from producing centres. Local demand was at the usual level showing no sign of improvement. Millers continued to sell at current levels. The volume was as usual and most of the mill tenders were open, said wholesale traders.

On Wednesday, some buying support from neighbouring States was seen but it did not have much impact. Traders are keeping away from bulk buying.


On Thursday about 14-15 mills came with tender offer and sold more 1 lakh bags of sugar in the range of Rs 2,700-2,740 for S-grade and Rs 2,735-2,780 for M-grade a quintals. It includes two rail rakes (about 54,000 bags) bought by buyers from the East.

Arrivals in the markets were about 48-50 truckloads (each 100 bags) and local dispatches were about 46-48 truckloads. In the international market, sugar prices reached a 30-year high at $834 a tonne on expectations of lower production in Brazil, Pakistan and Australia.

According to the Bombay Sugar Merchants Association, rates were: Spot S-grade Rs 2,836-2,871 (Rs 2,836-2,881) and M-grade Rs 2,862-2,951 (Rs 2,872-2,951). Naka delivery rates: S-grade Rs 2,780-2,820 (Rs 2,780-2,820) and M-grade Rs 2,830-2,895 (Rs 2,830-2,895).

(This article was published in the Business Line print edition dated February 4, 2011)
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