Indian sugar mills association

Thin demand dissolves sugar

Date:	31 May 2013

Source:	The Business Line

Reporter:	BL Correspondent

News ID:	2301

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Mumbai, May 30: Sugar prices on the Vashi market declined further by Rs 5-10 a quintal for selected varieties on thin local demand. Ample supply from producers and limited offtake kept sentiment cautious amid bearish futures market. Mill tender rates were down by Rs 10 and naka prices were unchanged. Prices in domestic futures market dropped by Rs 5-9 till noon on profit booking. The volume was thin at upper level due to absence of buying enquiry from neighbouring States, said sources. Jagdish Rawal of B. Bhogilal and Co., told Business Line, “Continuous supply from producers in the local market and less than expected demand is pushing up inventory in Vashi market and keeps stockists away from taking bulk buying risk. Demand in beginning of new month will decide the future trend.” On Thursday about 58-60 truck loads (of 100 bags each) arrived in the market and local dispatches remained lower at around 55-56 truck loads. On Wednesday evening, 13-14 mills offered tenders and sold 37,000-38,000 bags at Rs 2,920-2,990 (Rs 2,930-3,000) for S-grade and Rs 3,010-3,090 (Rs 3,020-3,100) for M-grade. Bombay Sugar Merchants Association's spot rates were: S-grade Rs 3,076-3,151 (Rs 3,080-3,142) and M-grade Rs 3,176-3,351 (Rs 3,200-3,351). Naka delivery rates: S-grade Rs 3,030-3,080 (Rs 3,030-3,080) and M-grade Rs 3,100-3,180 (Rs 3,100-3,180).

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