Sugar may gain more after topping Rs 3,000/quintal

Our Correspondent Mumbai | Updated on July 09, 2012 Published on July 09, 2012


Sugar prices touched their highest level this year crossing Rs 3,300-a-quintal-mark in the spot market. Prices may rise further as the consumer demand is expected to rise during the upcoming festival season.

The new crushing season starts from October and this year the late arrival of monsoon is causing concern for the standing crops.

On the Vashi wholesale market, sugar extended last week’s gain by Rs 20-30 a quintal on firm sentiment at the upper level, expecting higher demand for quality sugar during the Ramzan festival.

Naka rates improved by Rs 20 for S-grade, while for M-grade, rates declined by Rs 10 on selling pressure.

Mill tender rates were up by Rs 20-30 a quintal. Sugar prices shot up by Rs 100-150 last week on lower than expected free sale quarterly quota for July-September.

Fresh buying inquiry from Eastern the region and local traders in Maharashtra, along with bullish trend in world sugar futures markets, lifted sentiment in the domestic markets, said sources.

A wholesaler said local demand at higher price level slightly eased on Monday. Rain during the day arrested new demand which led to lower offtake from the market. .

In Vashi, market arrivals were 52-53 truckloads and local dispatches were 49-50 loads. On Saturday 22-24 mills sold about 1.1-1.15 lakh bags of 100 kg each (including one rail rake of 27,000 bags of M-grade to an eastern region buyer at Rs 3,128) at a higher price of Rs 3,030-3,100 (Rs 3,000-3,070) for S-grade and Rs 3,090-3,150 (Rs 3,080-3,150) for M-grade.

Bombay Sugar Merchants Association’s spot rates: S-grade Rs 3,102-3,235 (Rs 3,072 -3,161) and M-grade Rs 3,200- 3,301 (Rs 3,201- 3,301).

Naka delivery rates: S-grade Rs 3,100 -3,130 (Rs 3,070 -3,140) and M-grade Rs 3,160-3,240 (Rs 3,170-3,250).

Published on July 09, 2012

A letter from the Editor

Dear Readers,

The coronavirus crisis has changed the world completely in the last few months. All of us have been locked into our homes, economic activity has come to a near standstill. Everyone has been impacted.

Including your favourite business and financial newspaper. Our printing and distribution chains have been severely disrupted across the country, leaving readers without access to newspapers. Newspaper delivery agents have also been unable to service their customers because of multiple restrictions.

In these difficult times, we, at BusinessLine have been working continuously every day so that you are informed about all the developments – whether on the pandemic, on policy responses, or the impact on the world of business and finance. Our team has been working round the clock to keep track of developments so that you – the reader – gets accurate information and actionable insights so that you can protect your jobs, businesses, finances and investments.

We are trying our best to ensure the newspaper reaches your hands every day. We have also ensured that even if your paper is not delivered, you can access BusinessLine in the e-paper format – just as it appears in print. Our website and apps too, are updated every minute, so that you can access the information you want anywhere, anytime.

But all this comes at a heavy cost. As you are aware, the lockdowns have wiped out almost all our entire revenue stream. Sustaining our quality journalism has become extremely challenging. That we have managed so far is thanks to your support. I thank all our subscribers – print and digital – for your support.

I appeal to all or readers to help us navigate these challenging times and help sustain one of the truly independent and credible voices in the world of Indian journalism. Doing so is easy. You can help us enormously simply by subscribing to our digital or e-paper editions. We offer several affordable subscription plans for our website, which includes Portfolio, our investment advisory section that offers rich investment advice from our highly qualified, in-house Research Bureau, the only such team in the Indian newspaper industry.

A little help from you can make a huge difference to the cause of quality journalism!

Support Quality Journalism
This article is closed for comments.
Please Email the Editor
You have read 1 out of 3 free articles for this week. For full access, please subscribe and get unlimited access to all sections.