Continuous selling, poor offtake peg sugar down

Our Correspondent Mumabi | Updated on August 08, 2011


Sugar prices ruled almost steady on Monday with fine quality sugar fetching Rs 5-10 a quintal higher, while fair quality lost Rs 4-5. Arrivals and dispatches were balanced and continued selling by producers eased supply.

A wholesaler at the Vashi wholesale market said despite festivals ahead, domestic and bulk consumers demand has not improved. Mills continue to sell at current price level.

There is no big demand for export or from neighboring States. Producers are depending on the State-level markets for volume. Since the last four days, mills tenders rates have ruled almost unchanged.

He further said that due to high food inflation bulk consumer demand for festivals has been affected. Freight rates were steady. The market will move on the basis of demand – supply position with range bound movement.

About 18-20 mills offered tenders on Saturday and sold 80,000-85,000 bags (each 100 kgs) in the range of Rs 2,575-2,615 (Rs 2,575-2,615) for S-grade and Rs 2,630-2,700 (Rs 2,630-2,700) for M-grade. Arrival in the market was 51-52 truckloads (each 100 bags) and dispatches were at the same level.

Bombay Sugar Merchants Association's spot rates: S-grade Rs 2,710-2831 (Rs 2,711-2,810) and M-grade Rs 2,751-2,931 (Rs 2,761-2,921).

Naka delivery rates: S-grade Rs 2,650-2,700 (Rs 2,660-2690) and M-grade Rs 2,750-2,880 (Rs 2,700-2,870).

Published on August 08, 2011

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