Commodities

Sugar rules steadyon retail demand

Our Correspondent Mumbai | Updated on February 28, 2011

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Spot sugar at the Vashi terminal market ruled steady on need-based retail demand and continuous flow from mills on Monday.

Naka prices were unchanged but mills' rates were bearish. . Freight rates were steady at higher level. The sentiment was weak as mills continued with open tender offers, said sources.

Being a last day of the month, some lifting pressure was seen at the mill level.  Extension of 15 days given to the carryover stock of 3.50 lakh tonnes of February non-levy quota may add more pressure at mill level to offload quantity in time, if demand does not support in the coming days.

In the last two months, the first fortnight witnessed bearish sentiment due to higher supply and lower demand, said a wholesaler.

About 14-15 mills came forward with open tender offers and sold about 65,000-70,000 bags in the range of Rs 2,670-2,720 for S-grade and Rs 2,740-2,790 for M-grade on Saturday to local and State-level buyers. Seeing the poor demand on Monday, evening tender rates were expected Rs 5-7 lower.

Arrivals in the markets were usual: 50-51 truckloads (Each 100 bags) and local dispatches were at 48-49 truckloads, sources added.

Bombay Sugar Merchants Association sugar rates: Spot rates: S-grade Rs 2,801-2,861 (Rs 2,811-2,861) and M-grade Rs 2,851-2,926 (Rs 2,851-2,926). 

Naka delivery rates: S-grade Rs 2,780-2,800 (Rs 2,780-2,800) and M-grade was Rs 2,820-2,880 (Rs 2,820-2,880).   

Published on February 28, 2011

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