Sugar gains on hopes Govt will restore export sops

Our Correspondent Mumbai | Updated on June 10, 2014 Published on June 10, 2014

Sugar prices extended their gains for the second consecutive day on Tuesday. Higher local demand and increased volume at mill level kept sentiments positive. Also reports of the Government restoring export sops to ₹3,300 a tonne lifted prices higher, an observer said.

Sources said that Bombay Sugar Merchants Association spot rates were up ₹15-20 tracking firm mill tender rates which went up by ₹20/quintal on higher demand. Naka rates were also firmed up by ₹20-40 on lack of reselling. Producers sold about 60,000 bags taking total sales of over two lakh bags in last two days. Delay in monsoon rain which will affect kharif sowing and higher temperature in most parts of the country lifted demand for sugar especially from cold drinks and juice makers. Arrivals at Vashi wholesale market declined to 61-62 truckloads and local offtake was 59-60 loads. On Monday evening, 19-20 mills offered tenders and sold over 60,000 bags at ₹2,900-3,000 (₹2,880-2,980) for S-grade and ₹3,000-3,150 (₹2,980-3,130) for M-grade.

Bombay Sugar Merchants Association’s spot rates: S-grade ₹3,032-3,155 (₹3,030-3,155) and M-grade was ₹3,172-3,311 (₹3,152-3,300). Naka delivery rates: S-grade ₹3,000-3,100 (₹2,980-3,060) and M-grade ₹3,100-3,230 (₹3,100-3,210).

Published on June 10, 2014
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