Indian sugar mills association

Sugar rules steady on limited

Date:	20 Apr 2011

Source:

Reporter:

News ID:	5

Pdf:
Nlink:	http://admin.indiansugar.com/NewsImages/images_038.jpeg

Spot sugar price ruled steady on Wednesday on limited demand. Naka and mill tender rates were also stagnant, with need-based buying. A holiday mood was prevailing in market due to the Indo-Pakistan World Cup cricket match. The sentiment was steady, as traders were expecting the quota for April . The announcement of monthly quota will decide the future direction for the market, said traders. A spokesman of the Bombay Sugar Merchants Association, said: “In the absence of big activities today because of the cricket match, the volume was thin. Arrivals and dispatches were lower. In the Vashi market, trade almost came to a standstill. Higher selling pressure to exhaust the current month quota at the mill level weighed on the physical market. Most of the stockists kept away from fresh buying. This week, the market witnessed lower demand, resulting in building up higher inventory. Out of the current month’s total 16.84 lakh tonnes of free sale quota, mills still have some unsold stocks, he added. Tenders On Tuesday, hardly 8-10 mills offered tenders and sold about 28,000-30,000 bags in the range of Rs 2,670-2,690 for the S-grade, and Rs 2,710-2,750 for the M-grade. Arrival in the markets dropped to 38-40 truckloads (each 100 bags) and local dispatches were lower at 36-38 truckloads. The Bombay Sugar Merchants Association sugar rates: Spot rates: S-grade Rs 2,791-2,831 (Rs 2,788-2,831) and M-grade Rs 2,826-2,921 (Rs 2,826-2,921). Naka delivery rates: S-grade Rs 2,750-2,780 (Rs 2,750-2,780) and M-grade was Rs 2,795-2,870 (Rs 2,795-2,875).

News

Navigation