Renewed demand sweetens sugar
Sugar prices gained by ₹10 a quintal at mill level thereby lifting spot and naka rates by same margin on Wednesday. Renewed demand from local retailers at Vashi and bulk demand at mill level arrested the decline seen in recent days. Freight rates were steady. Arrivals-local dispatches remained at par keeping market inventory stable at 110-115 truck loads.
Morale was positive on expectation of last moment demand for Diwali could support uptrend said sources. Arrivals at Vashi were 61- 62 truck loads and local dispatches were at 60- 61 truck loads. On Tuesday evening 16 mills offered tenders and sold about 43,000 bags at ₹3,530-3,590 (₹3,520-3,580) for S-grade and ₹3,620-3,690 (₹3,610-3,680) for M-grade. On Bombay Sugar Merchants Association’s spot rates were: (in ₹) S-grade 3,642- 3,712 ( 3,655 – 3,712) and M-grade 3,752 – 3,952 (3,752 – 3,932). Naka delivery rates were: (in ₹) S-grade 3,650 – 3,700 (3,640 – 3,690) and M-grade 3,730 – 3,800 (3,720 – 3,790).
Source:The Hindu Business Line;Published on 04/10/2017