Indian sugar mills association

Sugar perks up on domestic demand

Date:	22 Dec 2011

Source:	The Business Line

Reporter:	BL Correspondent

News ID:	786

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Mumbai, Dec 22: Sugar prices improved in Uttar Pradesh on improved domestic demand, while they were range-bound in Maharashtra on Wednesday. In Maharashtra, S-grade improved by Rs 10 a quintal, while M-grade ruled flat. In Uttar Pradesh, sugar produced last season that ended in September was quoted Rs 20 a quintal higher at Rs 2,820. Sugar produced this season was by a similar margin at Rs 2,920.

Due to lack of demand in Maharashtra, gains in naka rates were limited to Rs 10 for superior quality. Mill tender rates declined by Rs 10-15 on increased selling pressure.

Mr Mukesh Kuwadia, Secretary of the Bombay Sugar Merchants Association, told Business Line: “Sugar prices are expected to decline slightly further this week as selling by mills is going to be more aggressive for filling the current months quota allotment.”

At the Vashi wholesale market on Tuesday, 17-18 mills offered tender and sold about 25,000-30,000 bags in the range of Rs 2,790-2,850 (Rs 2,800-2850) for S-grade and Rs 2,850-2,960 (Rs 2,880-2,970) for M-grade. Arrivals in Vashi market were at 50-51 truckloads and local dispatches were around 47-48 truckloads.

The Bombay Sugar Merchants Association`s spot rates were: S-grade Rs 2,944-3,015 (Rs 2,941-3,001) and M-grade Rs 3,001-3,122 (Rs 3,000-3,122).

Naka delivery rates were: S-grade Rs 2,900-2,930 (Rs 2,900-2,920) and M - grade Rs 3,000-3,060 (Rs 3,000-3,050).

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