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Month-end pressure tells on sugar |
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Date |
29-Jun-2010 |
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Source |
THE HINDU.BUSSINESS LINE |
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Reporter |
Bloomberg report |
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News Id |
205 |
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Sugar prices dropped sharply on Tuesday after having increased to a month’s high during the weekend.
Spot sugar price on the Vashi APMC market declined for second day by Rs 40 per quintal. On Monday, the prices had dropped by Rs 20-Rs 40. Last week, sugar prices increased by Rs 170- Rs 180 a quintal due to the lower free sale quota for next month. Market sources said that due to end of the month and the pressure of the lifting of goods from the mills kept stockiest away from making purchases. The local retail demand was poor and it put more pressure on Naka delivery price.
In Naka delivery, sugar prices were down by Rs 70 in for M-grade and S-grade.
On Tuesday, S-grade sugar in the spot market was traded at Rs 2,650-Rs 2,710 a quintal and M-grade at Rs 2,670-2,780 a quintal.
The total arrivals were 40 -42 truck loads (of 10 tonnes each). Retailers kept away from purchases. Demand from upcountry was lacking despite a slack monsoon and continuing hot weather, said market sources. Due to heavy selling pressure by mills, sugar Naka delivery price was down sharply to Rs 2,610- Rs 2,640 and Rs 2,640 –Rs 2,700 for S and M grades respectively.
The mill delivery tender (including excise) was quoted at Rs 2,530- Rs 2,560 for S grade and Rs 2,560 – Rs 2,620 for M grade. Maharashtra ex-mill prices were quoted Rs 2,465- 2,495 for S grade and Rs 2,500-.2,550 for M grade.– Our Correspondent |
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