Slipping futures drag spot sugar
       Date 09-May-2015
       Source Business Line
       Reporter Our Correspondent
       News Id 1714
Spot sugar prices came under pressure on the Vashi wholesale market, tracking sharp drop in domestic futures amid need-based physical demand. Naka and mill tender rates were unchanged as producers continued selling at prevailing rates. Arrivals at Vashi market were 59-60 truckloads and local dispatches were 58-60 loads. On Thursday evening, 12-14 mills offered tenders and sold about 27,000-28,000 bags at ?2,370-2,450 (2,370-2,450) for S-grade and ?2,480-2,560 (2,480-2,560) for M-grade. Freight rates were steady. The Bombay Sugar Merchants Association’s spot rates: S-grade ?2,526-2,612 (2,526-2,622) and M-grade ?2,600-2,742 (2,600-2,742). Naka delivery rates: S-grade ?2,460-2,530 (2,460-2,530) and M-grade ?2,550-2,640 (2,550-2,640).