Comments
Need-based demand kept sugar range-bound on Thursday. The fine quality rose by Rs 10 while regular quality fell by Rs 5 in the spot market. Naka prices gained Rs 10 as selling eased. Mill tender prices declined by Rs 5 for fair quality and increased by Rs 10 for fine quality.
The meeting of the Empowered Group of Ministers to review limits on stockholding and exports has been put off until after Diwali, sources said.
Diwali demand is almost over, and local bulk consumers and neighbouring states have reduced buying as they finished covering for their requirements during the first fortnight, said Mr Mukesh Kuwadia, Secretary of Bombay Sugar Merchants Association. The market is now waiting for the Centre's decision on exports and free-sale quota for November. With 55-60 lakh tonnes of opening stocks, India is expected to have 90-95 lakh tonnes surplus this season year.
Freight rates were steady. Sugar was steady to bearish in other producing centres. Arrivals in the Vashi market rose to 60-65 truckloads while local dispatches were at 55-60 truckloads. On Wednesday, about 28-30 mills offered tenders and sold about 60,000-65,000 bags to local traders at Rs 2,685-2,770 (Rs 2,695-2,770) for S-grade and Rs 2,770-2,900 (Rs 2,790-2,900) for M-grade.
Bombay Sugar Merchants Association spot prices: S-grade — Rs 2,801-2,910 (Rs 2,812-2,900); M-grade Rs 2,900-3,062 (Rs 2,911-3,062).
Naka delivery rates: S-grade — Rs 2,780—2,830 (Rs 2,770-2,820); M-grade — Rs 2,880-3,020 (Rs 2,875-3,020).
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.