Indian sugar mills association

Sugar may gain as States need to buy for PDS

Date:	08 Jun 2013

Source:	The Business Line

Reporter:	BL Correspondent

News ID:	2322

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Demand from retailers generally slows down when the monsoon sets in. Inventories with producers and traders are more than sufficient and this could prevent any sharp surge in prices. In Vashi market, arrivals continued at about 65-66 truck loads (each 100 bags) and local dispatches were around 64-65 loads. Market inventory was about 110-120 loads. On Thursday evening about 19-20 mills offered tenders and sold 88,000 – 90,000 bags to local traders at steady price range Rs 2,930-2,990 (Rs.2,930-Rs2,990) for S-grade and Rs 3,000-Rs3,090 (Rs 3,000- 3,090) for M-grade. Prices in domestic futures cooled down after rising by Rs 60 – 70 a quintal in the last five days. On the National Commodities and Derivatives Exchange, July contracts declined by Rs 7 to Rs 3,116, August by Rs 9 to Rs 3,164 and September by Rs 11 to Rs 3,205. The Bombay Sugar Merchants Association's spot rates were (Rs/quintal): S-grade 3,082– 3,141 (3,070– 3,140) and M-grade 3,176 - 3,321 (3,172- 3,321). Naka delivery rates: S-grade 3,050 -3,080 (3,030-3,070) and M-grade 3,130-3,200 (3,100-3,200).

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