Indian sugar mills association

Fears of further fall pound sugar

Date:	08 Dec 2011

Source:	The Business Line

Reporter:	BL Correspondent

News ID:	750

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Mumbai, Dec. 7: Sugar prices extended their fall on Wednesday with buyers staying off on fears of further drop in prices.

In Uttar Pradesh (central), sugar produced last season that ended in September was quoted at Rs 2,955 a quintal against Rs 2,980 in the previous session. Sugar produced this season was down at Rs 3,060 (Rs 3,070).

“There is just normal demand. Some transactions are taking place but in general, buyers are keeping off fearing there could be further fall,” said a trading source.

In Maharashtra, prices on the Vashi wholesale spot market dropped — S-grade by Rs 10-15 and M-grade by Rs 20-25. Price ruled weak under more selling pressure. Tender rates lost Rs 10-15. Despite month beginning, local demand was at usual level. Naka rates declined Rs 10–20 a quintal tracking weak sentiment at upper level. Sources said despite higher demand, the under tone was weak due to expectation that the demand may ease from next week.

At Vashi market, on Tuesday evening, 18-20 mills sold about 50,000–55,000 bags in the range of Rs 2,900-2,980 (Rs 2,905-2,990) for S-grade and Rs 2,990-3,050 (Rs 3,000-3,050) for M-grade. Arrivals in Vashi market were higher 54-55 truckloads and local dispatches were around 52-53 truckloads.

Bombay Sugar Merchants Association`s spot rates : S-grade — Rs 3,036-3,171 (Rs 3,052-3,181); and M-grade — Rs 3,151-3,261 (Rs 3,180-3,271).

Naka delivery rates : S-grade — Rs 3,000-3,030 (Rs 3,000-3,040); and M-grade — Rs 3,100-3,150 (Rs 3,100-3,170).

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