Commodities

Sugar unlikely to spurt in near term

Our Correspondent Mumbai | Updated on August 13, 2013 Published on August 13, 2013

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Sugar prices ruled unchanged on the fourth consecutive day on Tuesday on surplus supply and routine demand.

Stockists kept away from taking risks, said sources.

An analyst said that sugar prices are unlikely to see any spurt in the near future as mills are saddled with huge inventories They are under pressure to cut stocks ahead of the new season starting from October. .

The Vashi wholesale market has continuously been carrying over 120 truckloads (each 100 bags of 100 kg each) of inventory stocks for quite sometime.

Arrivals in Vashi market were 63-64 truckloads while local dispatches were 61-62. On Monday evening, 19-20 mills offered tenders and sold about 48,000-50,000 bags at Rs 2,910-3,000 (Rs 2,910-2,980) for S-grade and Rs 3,010-3,110 (Rs 3,000-3,110) for M-grade.

On the National Commodities and Derivatives Exchange, September futures were up by Rs 6 to Rs 3,014 (Rs 3,008), October was higher by Rs 4 to Rs 3,030 (Rs 3,026) and November was lower by Rs 2 to Rs 3,005 (Rs 3,007) till noon.

The Bombay Sugar Merchants Association’s spot rates were: S-grade Rs 3,052-3,142 (Rs 3,052-3,142) and M-grade Rs 3,172-3,352 (Rs 3,172-3,352). Naka delivery rates: S-grade Rs 3,010-3,070 (Rs 3,010-3,070) and M-grade Rs 3,100-3,210 (Rs 3,100-3,210).

Published on August 13, 2013
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