Indian sugar mills association

Active volumes sweeten sugar

Date:	03 Apr 2012

Source:	The Business Line

Reporter:	BL Correspondent

News ID:	1020

Pdf:
Nlink:

MUMBAI, APRIL 2: Sugar prices increased by Rs 5-10 in the physical market on Monday in the expectation of improvement in local demand in the month's beginning. Naka rates improved by Rs10 as lesser millers offered tenders on Saturday evening expecting higher rates. Mill tender rates up by Rs 8-10. Active volumes were witnessed as stockists and retailers started fresh covering, said traders. Production is also expected higher this year. Some traders are optimistic about a firm trend due to summer days ahead while some believe that market trend will depend upon improvement in demand. Last year for April-June quarter, the Government declared total 50.86 lakh tonnes non levy free sale quota (including for April, 17 lakh tones, for May, 17.50 lakh tonnes and for June, 16.36 lakh tonnes) hence for this year same period quantity is lower by 5.86 lakh tonnes and this will support improvement in sentiment. In world market, May futures closed higher by $9.50 to $643. 6 ($634.10) and August futures closed up by $8.50 to $631.50 ($623) on Friday. Arrivals to Vashi market was about 54-55 truck loads and dispatches were 52-53 loads. On Saturday merely 34-35 mills offered tenders and sold very thin quantity about 4,000- 5,000 bags in the range of Rs 2,710-2,790 (Rs 2,700-2,770) for S-grade and Rs 2,790-2,890 (Rs 2,790-2,890) for M-grade. Bombay Sugar Merchants Association's spot rates: S-grade Rs 2,862-2,916 (Rs 2,860-2,911) and M-grade Rs 2,961-3,051 (Rs 2,981-3,041). Naka delivery rates: S-grade Rs 2,810 -2,850 (Rs 2,800-2,850) and M-grade Rs 2,900-2,990 (Rs 2,900-3,000).

News

Navigation