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Sugar declines on lower offtake

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Sugar declines on lower offtake
Description  :  Industry
Date  :  Aug-17-2010

There was a marginal decline in the spot sugar prices yesterday at Vashi spot market by Rs 15-20 a quintal due to the lack of retail and upcountry demand. The traders opted to book profits after a sudden surge in prices in the last week on Saturday. The prices fell due to the selling pressures from the stockists at naka delivery trade by Rs 30-35. The prices of Naka delivery rose Rs 100 a quintal. About 50,000-55,000 bags (100 kg each) was sold by the mills to the local traders in the price range of Rs 2,495-2,510 for S-grade while Rs 2,540-2,565 for M-grade. The total arrival on Monday at Vashi market stood at 40-45 truckloads (10 tonnes) while the lifting stood at 35-36 truckloads. Mills offered tenders at Rs 2,475-2,500 for S-grade while it was Rs 2,525-2,575 for M-grade (including excise) a quintal. According to the Sugar Merchants Association, spot market rates for S-grade stood in the range of Rs 2,590-2,630 (Rs 2,590-2,640) while for M-grade at Rs 2,610-2,680 (Rs 2,630-2,700). Naka delivery rates: S-grade Rs 2,5502,575 (Rs 2,600-2,620), M-grade Rs 2,6002,650 (Rs 2,640-2,675) a quintal.

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