Comments
Vashi sugar market witnessed a weak trend on Thursday on subdued local demand. Spot rates declined by ₹6-12. Naka and mill tender rates were steady on limited volume. In the absence of active participation of stockiest and retailers, sentiments remained weak.
Sources said higher than expected sugar production till May 20 and reduced demand in April- May brought the market under pressure. The industry was expecting yearly production at 265 lakh tonnes, but it has now been revised to 270 lakh tonnes.
Sale quota for June is 18.50 lakh tonnes. The unsold stocks of May is more than enough to meet the monthly demand. Continuous selling by producers to clear the surplus stock is keeping prices down, sources said.
Arrivals at Vashi remained lower at 25- 28 truckloads and local despatches were 24- 25 truckloads. On Wednesday, 8-10 mills sold about 10,000-11,000 bags at ₹3,100-3,170 of S-grade and ₹3,180-3,260 of M-grade.
The Bombay Sugar Merchants Association’s spot rates: S-grade ₹3,266-3,352 (₹3,272-3,342) and M-grade ₹3,336-3,490 (₹3,340-3,502).
Naka delivery rates : S-grade ₹3,200-3,240 and M-grade ₹3,230-3,340.
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.