Sugar stable for fifth continuous day

Date 21-Jul-2010        Source THE HINDU.BUSINESS LINE        Reporter Our Correspondent        News Id 229

Sugar price on the Vashi wholesale market witnessed a steady trend for the fourth consecutive day. Spot prices declined Rs 5 on the absence of retail demand. On the other side, mills were not interested to sell below the base price of Rs 2,598 a quintal and this led to the market buying on a hand-to-mouth basis. Market players are now eagerly waiting for the outcome of the millers’ meeting to be held on July 22, said market sources. Meanwhile, selling pressure increased in naka and tender delivery trade which resulted in a decline of Rs 5-10 a quintal in naka and tender. In the absence of local and upcountry demand and talk of changes in the Centre’s policy, especially on decontrol of the sector, continued to weigh on the market sentiment.Total arrivals in the Vashi market was up to 25-28 truckloads (10 tonnes each), whereas lifting was at 20-23 truckloads. According to Bombay Sugar Merchant’s Association, the spot rate was Rs 2,678-,2710 a quintal for S-grade and Rs 2,700-2,770 for M–grade a quintal. Naka delivery rate Rs 2,650-2,670 for S-grade and Rs 2,670-2,720 for M-grade. The mill delivery tender (including excise) was quoted at Rs 2,575-2,595 for S-grade and Rs 2,600-2,640 for M-grade. Maharashtra ex mill prices were quoted at Rs 2,500-2,515 for S-grade and Rs 2,525-2,570 for M-grade.