Indian sugar mills association

Sugar range-bound on lower bul

Date:	21 Oct 2011

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News ID:	603

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Spot sugar prices on Vashi wholesale market ruled almost steady for the third consecutive day. On Wednesday, spot prices for low quality S–grade were marginally up Rs 10. Prices for good quality S–grade and M–grade were steady. Mr Mukesh Kuwadia, Secretary of Bombay Sugar Merchants Association, told Business line: “As the new season`s production has started in Maharashtra traders feel market will see a range–bound movement. Traders are waiting for announcement on sugar exports. This year, we are expecting 270-275 lakh tonnes sugar production compared with 188 lakh tonnes last year. The total area under sugarcane cultivation is 16 per cent more at 50 lakh hectares compared with 42 lakh ha last year. Yield will also be higher than last year. On Tuesday evening, Maharashtra`s mills sold about 1.25-1.50 lakh bags sugar including two-three rakes bought to North-based buyers for Rs 2,610-2,640 for S–grade and Rs 2,630-2,680 for M–grade. Most of the volumes were on condition of month-end lifting validity. Demand from bulk consumers such as sweet /confectionary makers also supported the trend. Local retail demand for Diwali festival was as expected, traders said. On Wednesday, total arrivals on Vashi market were higher at 64-65 truckloads (10 tonnes each) and lifting was about 62-63 truckloads. According to the Sugar Merchants Association, spot rate for S–grade was Rs 2,709-2,736 (Rs 2,696-2,736) and M–grade Rs 2,730-2,811 (Rs 2,730 -2,811). Naka delivery rates were: S–grade Rs 2,660-2,690 (Rs 2,660-2,690) and M–grade Rs 2,715-2,760 (Rs 2,715-2,760).

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