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Selling pressure weighs down sugar |
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Date |
13-Jul-2010 |
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Source |
THE HINDU.BUSINESS LINE |
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Reporter |
Our Correspondent |
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News Id |
220 |
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The sugar market ruled steady on Tuesday, weighed down by selling pressure from mills and lack of local demand.
Lifting was lower than arrivals in the market, resulting in decline of Rs 5-10 a bag (100 kg) in spot trade. Naka and tender delivery prices ruled at steady.Due to buying by Bengal traders, the markets witnessed an uptrend in the last two working days. On Tuesday, mills came forward to sell arresting the upward price movement.Mills have a good amount of ready stocks with them due to higher production. But they are are ready to sell only above Rs 2,600, keeping bulk buyers away from the market. Inventory stocks are ample at the Vashi market.Continuous rain forced retailers to resort to hand-to-mouth buying.The market will see range-bound movement in the near future, a trader said.From the next month, the festive season will start, so the demand factor will decide further movement, said another trader.Total arrivals today at the Vashi market were thin. About 20-22 truckloads (10 tonnes each) arrived in the market and lifting was 18-20 truckloads. The spot rate was Rs 2,690-2,730 a quintal for S-grade and Rs 2,700-Rs 2,800 for M-grade.Naka delivery rate for S-grade was Rs 2,660-Rs 2,690 and for M-grade Rs 2,690-Rs 2,750, according to the Bombay Sugar Merchants Association.The mill delivery tender (including excise) was quoted at Rs 2,580-Rs 2,610 for S-grade and Rs 2,610-Rs 2,670 for M-grade.Maharashtra ex-mill prices were quoted at Rs 2,500-Rs 2,520 for S-grade and Rs 2,530/Rs 2,580 for M-grade. |
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