Indian sugar mills association

Prospects remain firm for sugar

Date:	01 Jun 2013

Source:	The Business Line

Reporter:	BL Correspondent

News ID:	2304

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Mumbai, May 31: Sugar prices on the Vashi market dipped further by Rs 4 in spot and by Rs 10 at naka level on Friday. On expectation of higher demand at the start of the new month, the sentiment remained positive. Mill tender rates were unchanged on improved demand from stockists leading to a higher volume at upper level. The morale was steady and the undercurrent was firm, said sources. Analyst told Business Line: “As crushing season comes to an end, the prospects for coming days remain firm. Ample supply from producers till now has kept physical market under pressure but in futures market prices showed uptrend this month.” Sources said that the Vashi market currently carries 100-110 truckloads of inventory. Sugar prices in other main producing centres ruled at par with the parity of Maharashtra. But traders here are optimistic about higher local demand before the onset of monsoon. On Friday, arrivals in Vashi market were about 61-62 truck loads (of 100 bags each) and local dispatches were around 58-60 truck loads. On Thursday evening, 15-17 mills offered tenders and sold 90,000-95,000 bags to local traders at Rs 2,920-2,990 (Rs 2,920-2,990) for S-grade and Rs 3,010-3,090 (Rs 3,010- 3,090) for M-grade. On the NCDEX, sugar June futures was steady at Rs 3,016 (Rs 3,017), July Rs 3,056 (Rs 3,058) and August Rs 3,103 (Rs 3,105) till noon. Bombay Sugar Merchants Association's spot rates were: S-grade Rs 3,072-3,151 (Rs 3,076-3,151) and M-grade Rs 3,172-3,351 (Rs 3,176-3,351). Naka delivery rates: S-grade Rs 3,020-3,070 (Rs 3,030-3,080) and M-grade Rs 3,090-3,190 (Rs 3,100-3,180).

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