Ample supplies keep sugar flat

Sugar prices ruled unchanged on normal demand and supply. In the absence of upcountry buying, supply remained ample in local markets. Demand for Navratri festival also seems to be over keeping prices range-bound. At Vashi, S-grade declined by ₹10 a quintal. Naka and mill tender rates were steady.

Sources said with need-based activities the trend remained steady. Selling pressure on producers to ease stocks as directed by the Central government kept stockists away from bulk buys.

Arrivals to the Vashi market were at 60-61 truck loads and local dispatches were about 57-58 loads. Inventories increased to about 108-110 truck loads.

On Thursday evening, 14-15 mills offered tenders and sold about 38,000-40,000 bags at unchanged rates of ₹3,550-3,610 for S-grade and ₹3,630-3,710 for M-grade.

The Bombay Sugar Merchants Association’s spot rates: S-grade ₹3,686-3,760 (3,696-3,760) and M-grade ₹3,780-3,962 (3,780-3,962). Naka delivery rates: S-grade ₹3,650-3,740 (3,650-3,740) and M-grade ₹3,730-3,840 (3,730-3,840).

Source:The Hindu Business Line; Published on 22/09/2017

Ample supplies keep sugar flat