Export hopes boost sentiment in sugar

Our Correspondent Mumbai | Updated on February 25, 2011


Spot sugar prices on the Vashi wholesale terminal market increased by Rs 10-15 on Thursday, tracking bullish sentiment at the mill level.

Mills are expecting export permission for at least 5 lakh tonnes sugar as well as extension of current month's free-sale quota. Local-level demand kept sentiment steady.

At naka and mill tender level, S-grade price gained by Rs 10-15 a quintal. The volume continues to be higher on fresh demand from local and other State markets. Mr Jagdish Rawal, a wholesaler, said, sentiment at mill level improved on strong expectation that the Government may allow sugar exports and extend time for current month's quota.

Some marketmen said the Government may declare lower quota for March. Local and other State-level markets' fresh buying also increased sharply. On support of fresh demand, freight rates at mill level also firmed up by Rs 14-15 a bag in the past fortnight.

On Wednesday evening, about 14-15 mills sold about 80,000-85,000 bags at Rs 2,680-2,730 for S-grade and Rs 2,750-2,800 for M-grade. Arrivals were higher at 54-55 truckloads (each 100 bags), and local dispatches were at 50-52 truckloads.

Bombay Sugar Merchants Association's spot sugar rates: S-grade Rs 2,811-2,845 (Rs 2,782-2,841) and M-grade Rs 2,831-2,921 (Rs 2,851-2,911).

Naka delivery rates: S-grade Rs 2,780-2,800 (Rs 2,760-2,800) and M-grade Rs 2,830-2,870 (Rs 2,830-2,870).

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

Published on February 24, 2011
This article is closed for comments.
Please Email the Editor