Selling pressure drags sugar
       Date 17-Mar-2015
       Source Business Line
       News Id 1702
Aggressive selling by mills dragged sugar prices by over ?20-40 a quintal on the Vashi wholesale spot market. Need-based local demand and increased pressure for selling old stocks with heavy discount by producers pulled down naka prices by ?80-100. Mill tender rates were down by ?30-40. A wholesaler said that due to enough stocks and tight financial situation due to the fiscal ending, some stockists offloaded commodity with heavy discount in Naka delivery trade. On the spot market, lower than expected retail offtake and aggressive selling by mills put pressure on prices. Arrivals declined to 60-62 truckloads and local dispatches were lower at 58-60 loads. On Monday evening, about 21-22 mills offered tenders and sold about 48,000-50,000 bags at ?2,310-2,450 (2,350-2,500) for S-grade and ?2,460-2,620 (2,500-2,650) for M-grade. The Bombay Sugar Merchants Association’s spot rates: S-grade ?2,512-2,642 (2,542-2,662) and M-grade 2,612-2,842 (2,630-2,852). Naka delivery rates: S-grade ?2,450-2,540 (2,560-2,620) and M-grade ?2,550-2,700 (2,650-2,790).