Sugar falls on selling pressure
Sugar prices ruled weak at Vashi on Thursday on less than expected local demand amid higher selling pressure from producers. At the Vashi market, prices declined by ₹10-15 a quintal and naka level rates were steady.
Some producers sold S-grade old stocks for ₹10 lower, while mills kept rates for new production steady. With routine arrivals- local dispatches and volume sentiments remained cool said sources.
Arrivals to the Vashi market were steady at 60-61 truck loads and local dispatches were 59-60 loads. Freight rates were steady and inventory at Vashi was estimated stable at 105-110 truck loads. On Wednesday evening, 20-22 mills offered tenders and sold about 45,000 bags at ₹3,050-3,250for S-grade and ₹3,180-3,350 for M-grade.
The Bombay Sugar Merchants Association’s spot rates: (in ₹) S-grade 3,220- 3,362 and M-grade 3,310-3,590. Naka delivery rates: S-grade 3,200– 3,300and M-grade3,270-3,400.
Source: thehindubusinessline:Published on 2017-12-28