Sugar prices fall as retailers take a break
Prices of sugar eased back on the Vashi wholesale market on Thursday as retailers refrained from purchases.
By Agencies |
MUMBAI: Prices of sugar eased back on the Vashi wholesale market on Thursday as retailers refrained from purchases.
Higher arrivals from producing centres also put pressure on the market. The market sentiment was sub-dued following a report of record crop.
Medium sugar (M-30) declined by Rs 15 to Rs 1,400/1,511 per quintal over the previous closing level. Small sugar (S-30) also shed Rs 5 to Rs 1,345/1,406 per quintal.
In the futures trading, sugar prices closed marginally higher as traders lowered their expectation of deliveries at Friday’s expiry of the near month contract, analysts said.
On Wednesday, warehouse authorities at the NCDEX had rejected 4,600 tonnes of sugar for the July contract on quality issues. The benchmark August contract rose 0.2% to Rs 1,337 per quintal, while the September contract rose 0.3% to Rs 1,357.
The outlook for August and September contracts were mixed. Festival demand was expected to be robust and oil prices high. But supplies would also be high, analysts said.
Higher arrivals from producing centres also put pressure on the market. The market sentiment was sub-dued following a report of record crop.
Medium sugar (M-30) declined by Rs 15 to Rs 1,400/1,511 per quintal over the previous closing level. Small sugar (S-30) also shed Rs 5 to Rs 1,345/1,406 per quintal.
In the futures trading, sugar prices closed marginally higher as traders lowered their expectation of deliveries at Friday’s expiry of the near month contract, analysts said.
On Wednesday, warehouse authorities at the NCDEX had rejected 4,600 tonnes of sugar for the July contract on quality issues. The benchmark August contract rose 0.2% to Rs 1,337 per quintal, while the September contract rose 0.3% to Rs 1,357.
The outlook for August and September contracts were mixed. Festival demand was expected to be robust and oil prices high. But supplies would also be high, analysts said.
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