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News


Eastern buyers entry buoys sugar mills
Date: 11 Jun 2012
Source: Business Line
Reporter: Business Line
News ID: 1255
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Millers in Maharashtra are upbeat as they received bulk orders from neighbouring States after a long time, a wholesaler said. Besides, entry of buyers from the eastern parts has improved the outlook. Buyers from the East bought three rail rakes of 27,000 bags each, the wholesaler said. Despite higher volumes, mills' tender rates were unchanged. On Thursday, mills sold over 1.25 lakh bags. Spot sugar fell by Rs 6-8 a quintal on the Vashi wholesale market due to higher sales on Friday. While S-grade was unchanged for naka delivery, M-grade lost Rs 10 a quintal. Due to higher production this year, mills continue selling at the market price, the wholesaler said. Chances that India may export more have dimmed, too, forcing producers to sell in domestic markets. The overall market sentiment was positive on expectation of further improvement in demand from neighbouring States. The onset of monsoon may ease local demand and heavy rains may disrupt supplies from producing centres. In Vashi, 51-52 truckloads arrived while 49-50 truckloads were despatched locally. On Thursday evening, 14-15 mills sold 48,000-50,000 bags to local traders and three rakes to eastern buyers at Rs 2,770-2,830 (Rs 2,770-2,830) for S-grade and at Rs 2,840-2,910 (Rs 2,840-2,910) for M-grade. Bombay Sugar Merchants Association's spot rates: S-grade Rs 2,912-2,971 (Rs 2,920-2,965) and M-grade Rs 2,991-3,131 (Rs 2,992-3,141). Naka delivery rates: S-grade Rs 2,860-2,900 (Rs 2,860-2,900) and M-grade Rs 2,940-3,010 (Rs 2,950-3,010).

 
  

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