Agri Business

Rising futures sweeten sugar

Our Correspondent Mumbai | Updated on January 24, 2011

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Sugar prices on the Vashi wholesale market after declining Rs 90-100 in the first 12 days of January, bounced back from lower levels on Thursday.

On Thursday morning ready market opened on a bearish note, with the price falling by Rs 5-10. But later in line with rise in the futures market and with the some support of fresh retail demand, rates recovered.

Mr Mukesh Kuwadia, Secretary of Bombay Sugar Merchants Association, told Business Line, “The bounce back of sugar futures in commodity exchanges from lower levels and support of some fresh retail demand arrested further decline in price.

“Price at naka and mill tender were higher by Rs 5-10 later in the day. “Sugar futures shot up by Rs 40-50 a quintal on the commodity exchanges and affected the ready market sentiment.”

On Wednesday evening 8-10 mills came forward with tender offers. But only a few of them sold very little quantities, 18,000-20,000 bags of sugar in the range of Rs 2,730-2,760 for S-grade and Rs 2,780-Rs 2,830 for M-grade a quintals. Arrivals in the market were about 50-55 truckloads (100 bags each) and local dispatches were about 48-50 truckloads. According to the Bombay Sugar Merchants Association, spot sugar rates were S grade Rs 2,891-2,931 (Rs 2,886-2,931) and M grade Rs 2,911-2,991 (Rs 2,906-2,991). Naka delivery rates were S grade Rs 2,840-2,860 (Rs 2,850-2,880) and M grade was Rs 2,880-2,920 (Rs 2,890-2,930).

Published on January 24, 2011

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