Limited offtake holds sugar steady

Our Correspondent Mumbai | Updated on July 09, 2014

Sugar prices at upper mill level declined by ₹5-8 a quintal while on the spot market remained steady. There were no trading activities in the market. Sentiment was cautious as demand from retailers and stockists will remain as usual need-based in rainy days.

As millers are continuously selling and stockists themselves carries enough stocks volume will remain hand-to-mouth for next few days. Arrivals of monsoon rains in city also arrested retail demand. Volatility in currency market, lower price and weak trend in world market has erased chances of sugar exports from India forcing domestic producers to sell their produce in local markets. Hence domestic level supply outstrips demand keeping ample flow in the market. Arrivals at Vashi market were 20-25 truckloads but were waiting for unloading. On Tuesday, 14-15 mills offered tenders and sold about 28,000-30,000 bags at ₹2,930-3,020 (₹2,940-3,020) for S-grade and ₹3,040-3,160 (₹3,050-3,170) for M-grade.

Vashi market spot rates: S-grade ₹3,100-3,190 (₹3,100-3,190) and M-grade was ₹3,200-3,390 (₹3,200-3,382). Naka delivery rates: S-grade ₹3,020-3,120 (₹3,020-3,120) and M-grade ₹3,140-3,280 (₹3,140-3,280).

Published on July 09, 2014

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