Sugar flat, awaits demand to pick up

Our Correspondent Mumbai | Updated on August 02, 2013 Published on August 02, 2013


Sugar prices at Vashi market increase by Rs10 for fine variety M-grade while rule steady for other quality on Friday. After a gap of about 15 – 20 days volume at upper – mill level improve on higher demand. Maharashtra’s mils sold more than 80,000 bags sugar previous day in running price said sources.

Market observer said “Few producers sold M-grade bold variety Rs10-Rs15 higher otherwise Naka and mill tender rates remained steady. Under current of the physical market was calm and stockiest were waiting for demand to pick up as Shravan month will start next week”.

“Though retail demand started picking up slowly and may speed up coning days. On expectation of higher demand stockiest have started fresh covering of essential commodities including sugar. Sugar prices in futures market showed bearish trend. Till noon September futures prices were down by more than Rs15 a quintal losing Rs45 in last even days”.

The arrival in the market was routine at 62 – 63 truck loads (Each of 100 bags) while local dispatches were 61-62. On Thursday evening 21 -22 mills offered tenders and sold about 83,000 – 85,000 bags at Rs 2,910-2,970 (Rs 2,900-Rs 2,970) for S-grade and Rs 2,980-Rs 3,100 (Rs 2,980- 3,120) for M-grade.

On National Commodities and Derivatives Exchange sugar September -13 futures declined by Rs16 to Rs 3,000 (Rs 3,016), October down by Rs17 to Rs 3,015 (Rs 3,032) and November lower by Rs16 to Rs 2,980 (Rs 2,996).

Bombay Sugar Merchants Association's spot rates were: S-grade Rs 3,048– Rs 3,132 (Rs 3,048–Rs 3,132) and M-grade Rs 3,156 - 3,311 (Rs 3,156- 3,301). Naka delivery rates were: S-grade Rs 3,000 -3,050 (Rs 3,000-3,050) and M-grade Rs 3,080-3,190 (Rs 3,080-3,190).

Published on August 02, 2013
This article is closed for comments.
Please Email the Editor