Slack buying drags sugar

Our Correspondent Mumbai | Updated on July 02, 2014

Sugar prices on the Vashi wholesale market declined by ₹10-20 a quintal on Wednesday as local demand eased. Arrival of monsoon rain after a month-long dry spell kept retailers/stockits away from bulk buying. Sale tenders of the producers were kept open from Tuesday evening due to poor response at prevailing prices. Naka rates were down by ₹4-5 on slack demand.

Decline in local demand pushed up market inventory slightly higher. Stocks at Vashi market increased to 115-120 truckloads. Arrivals increased to 63-64 truckloads and local dispatches were lower at 58-60 loads. On Tuesday evening, 15-16 mills offered tenders and sold about 44,000-45,000 bags at ₹2,990-3,050 (₹2,980-3,050) for S-grade and ₹3,100-3,210 (₹3,100-3,230) for M-grade.

Bombay Sugar Merchants Association’s spot rates were: S-grade ₹3,112-3,222 (₹3,142-3,222) and M-grade ₹3,216-3,382 (₹3,222-3,382).

Naka delivery rates were: S-grade ₹3,075-3,170 (₹3,075-3,170) and M-grade ₹3,175-3,290 (₹3,175-3,290).

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Published on July 02, 2014
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