Commodities

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

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

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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

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