Lifting pressure drag sugar prices

Lifting pressure drag sugar prices

Lifting pressure and need base demand kept sugar prices to lower by ₹10-20 all level on Tuesday. At Vashi rates dropped by ₹10. Naka rates ease by ₹10-20 as stockiest off loaded commodity lower rates due to lifting pressure. Producers sold at ₹10-20 lower on routine demand as bulk purchases for festivals already over. Under current of the market were weak said sources.

Sources said on producer’s ample supply and need base bulk buying kept trend bearish. Arrivals and local dispatches were higher as there were no loading and unloading previous day but remained at par keeping inventory stable at 110 – 115 truck loads in the market. Freight rates were steady. Due to month end pressure for lifting on stockiest increase. Arrivals at Vashi were 60 – 62 truck loads and local dispatches were about 62 truck loads.

On Monday evening 16-17 mills offered tenders and sold about 50,000 bags ₹10-20 lower at ₹3,530-3,590 (₹ 3,550-3,600) for S-grade and ₹3,610-3,700 (₹3,620-3,710) for M-grade.

On Bombay Sugar Merchants Association’s spot rates were:(in ₹ ) S-grade 3,680- 3,760 ( 3,680-3,760) and M-grade 3,772- 3,946 ( 3,780-3,952).

Naka delivery rates were: (in ₹) S-grade 3,640-3,690 (₹3,650-3,750) and M-grade 3,720 – 3,790 ( 3,720 – 3,800).

Source:Business Line; Published on 26/09/2017