Our Correspondent
Mumbai, Feb 1
Spot Sugar prices at Vashi wholesale market on Tuesday, rule range bound with Rs.5 rise in good quality sugar and Rs.5 down in usual quality. Due to very limited local and up country demand, despite shortage of trucks at producing level steady movement and thin volume continue. Government on Monday declared total 16.23 Lakh tone free sale quota for February. For January it was 17 Lakh tones. Naka and mill tender rates were also steady. Moral was steady.
Mr. Jagdish Rawal, Wholesale traders of Vashi market said, most of the traders are in belief of February – 11 total fee sale quotas of 16.23 Lakh tones is more than sufficient to meet demand because days are less in February. Secondly slightly higher 17 lakh tones free sale quota of January-11 resulted in decline of sugar prices by more than Rs.150 a quintal during the month. So if the lack of demand continues this month it sure that market will be under pressure in the 2nd half of the month. With the start of new month fresh retail demand is expected which will give some support to price. Shortage of trucks at producing level may lead to supply constrain or freight rates hike will support the price at lower level. Lack of demand also witnessed at other market like Uttar Pradesh, Delhi, West Bengal, Gujarat, Rajasthan etc. He said.
ON Monday evening about 13/14 mills came with tender offer and sold about 30,000 / 32,000 bags of sugar in the range of Rs.2710 / Rs.2740 for S grade and Rs.2750 / Rs.2790 for M grade a quintals. Arrivals in the markets were about 40/42 truck loads (Each of 100 bags) and local dispatches were about 46/48 truck loads.
Bombay Sugar Merchants Association sugar rates: Spot rates: S grade Rs.2841 / Rs.2875 (Rs.2850 / Rs.2871) and M grade Rs.2866 / Rs.2931 (Rs.2872 / Rs.2931). Naka delivery rates: S grade Rs.2780/ Rs.2830 (Rs.2790 /Rs.2820) and M grade was Rs.2830 / Rs.2890 (Rs.2820 / Rs.2880).
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