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Limited retail demand puts pressure on sugar |
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Date |
03-Jul-2010 |
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Source |
The Hindu Business Line |
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Reporter |
Our Correspondent |
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News Id |
210 |
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Mumbai, July 2
A hand-to-mouth tactics by retail traders put further pressure on spot sugar prices on Friday. On Friday, the spot market price at the Vashi APMC market declined Rs 20-30 a quintal. On the heels of spot movement, Naka and Tender delivery rate also dropped Rs 30-40. Today, arrivals at Vashi APMC were also low at 35-38 truck loads (each 10 tonnes), whereas lifting was only at 25-28 truckloads. Inventories in the market also increased.
On Friday’s decline in the rate, Mr Hirenbhai Dedhia of Surya Traders said that there is no selling pressure from mills. Mills are not willing to sell below Rs 2,600-level. Once local buying picks up, price will rise, he said.
On the Vashi spot market, S grade sugar traded at Rs 2,690-2,770 and M grade at Rs 2,750-2,830 a quintal.
Naka delivery trade was between Rs 2,680-2,710 and Rs 2,720-2,780. The mill delivery tender (including excise) was quoted at Rs 2,600-2,640 for S grade and Rs 2,650-2,700 for M grade.
Maharashtra ex-mill prices were quoted at S grade Rs 2,520-2,560 and M grade Rs 2,570-2,620 |
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