Indian sugar mills association

Ned For Extra Exports Sweetens

Date:	25 Jun 2011

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News ID:	587

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QuickLook: Archives Subscription RSS Feeds Site Map ePaper Social BL Club SEARCH Return to frontpage Home Companies Markets Industry & Economy Opinion Features Today’s Paper Topics agri-biz & commodity corporate economy info-tech logistics markets money & banking opinion others index Nod for extra exports sweetens sugar further Our Correspondent Share · print · T+ Mumbai, June 24: Sugar prices ruled Rs 5/10 a quintal higher on Friday on the Vashi wholesale market. Profit-booking dragged naka rates but mills sold sugar Rs 30-50 a quintal higher on support of announcement of additional five lakh tonnes exports under Open General Licence. Need-based local demand kept the volume at usual level. Stockists were not interested to expand their fresh commitments. Mr Mukesh Kuwadia, Secretary of Bombay Sugar Merchants’ Association, told Business Line: “An announcement of additional five lakh tonnes sugar for exports have fuelled the sentiment. Now, all are waiting for announcement of July free sale quota. Most of the quantity for exports is expected to be shipped from Maharashtra. Sugar’s future price direction will depend on announcement of July sale quota.” A spokesman of B.Bhogilal and co. said the market lacked the initiative to set a definitive trend after sharp rise of Rs 80-100 in last four days on hopes of supportive measures. . . In Maharashtra, about 25-26 mills offered tenders and sold about 75,000-80,000 bags in the range of Rs 2,520-2,560 (Rs 2,470-2,550) for S-grade and Rs 2,580-2,690 (Rs 2,550-2,690) for M-grade to local traders. Upcountry buying was absent. Arrival in the market was 47-48 truckloads (100 bags each) and local dispatches were 46-47 truckloads. Bombay Sugar Merchants Association sugar rates Spot: S-grade – Rs 2,631-2,671 (Rs 2,626-2,666) and M-grade – Rs 2,691-2,841 (Rs 2,691-2,831). Naka delivery rates: S-grade – Rs 2,600-2,650 (Rs 2,600-2,650) and M-grade – Rs 2,670/2,750 (Rs 2,670/2,750).

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