Weekly Market Report - sugar market

SUGAR: The wholesale sugar market witnessed a firm trend during the past week under review on increased buying by retailers and bulk consumers amid restricted supply millers, registering a gains of nearly Rs 25 per quintal.

Market analysts said pick up in demand due to on going marriage season and bulk consumers such as softdrink and ice-cream makers mainly pushed up sugar prices.

They said restricted arrivals from millers created tight stocks position and further fueled the uptrend. Mill delivery medium and second grade price went to to Rs 2,800-2,950 and Rs 2,685-2,925 against last week's level of Rs 2,775-2,925 and Rs 2,760-2,900 per quintal, respectively.

Meanwhile, sugar ready medium and second grade prices almost remained quiet throughout the week on some support and settled at Rs 3,000-3,125 and Rs 2,975-3,000 per quintal, respectively. 

In the millgate section, sugar kinnoni gained by Rs 20 to Rs 2,920 per quintal and Asmoli quoted higher by a same margins at Rs 20 at Rs 2,900 per quintal. Sugar Mawana also edged up by Rs 20 to Rs 2,860 per quintal.

Jaggery: Gur prices extended losses for the second straight week in the wholesale jaggery market as prices fell further upto Rs 50 per quintal following adequate supply of new stocks against slackness in demand.     

Marketmen said heavy arrivals of new stocks into the market against slackness in demand mainly kept the gur prices under pressure for the second straight week. 

A similar pattern of trading was noticed in Muzzafarnagar and Muradnagar gur markets as new arrivals created adequate positive.

In Delhi, gur chakku  and shakkar prices dropped by Rs 50 each to Rs 2,250-2,300 and Rs 2,500-2,550 per quintal against the last week's level of Rs 2,300-2,350 and Rs 2,550-2,600, respectively.

Gur pedi and dhayya prices decreased from Rs 2,300-2,350 and Rs 2,350-2,400 to Rs 2,250-2,300 and Rs 2,300-2,350 per quintal, respectively, revealing a net loss of Rs 50 each.

In Muzzafarnagar market, gur chakku dropped from Rs 2,100-2,250 to Rs 2,050-2,250 per quintal on new arrivals.

However, gur khurpa and Raskat traded unchange on some support at Rs 2,000-2,050 and Rs 1,750-1,850 per quintal, respectively.

In Muradnagar, gur pedi declined from Rs 2,050-2,100 to Rs 2,000-2,050, showing a fall of Rs 50 per quintal, while gur dhayya ruled steady at Rs 2,100-2,125 per quintal in restricted trade.

Pulses: Mixed conditions developed on the wholesale pulses market during the past week as select prices maintained their upward march on selective buying stockists, while a few other met with resistance at prevailing higher levels on reduced offtake and closed moderately lower. 

Traders said selective buying by stockists and retailers amid slow down in arrivals mainly pushed up some wholesale pulses prices.

Firming trends in producing regions also fuelled the uptrend in select prices, they said. On the other hand, prices of rajma and peas declined marginally on reduced offtake, they added.

Gram prices gained the most by adding Rs 150 to Rs 2,675-2,700 and its dal local and best quality by Rs 100 each to Rs 2,925-2,940 and Rs 3,025-3,125 per quintal. Arhar and its dal dara variety gained Rs 50 each to Rs 3,900-4,000 and Rs 5,050-5,450 per quintal.     

Urad, and its dal chilka local and best quality were also traded higher by Rs 50 each to Rs 4,300-4,850, Rs 5,100-5,500 and Rs 5,550-5,850 per quintal, respectively. 

On the other hand, rajma chitra (Pune), (China) and red varieties, which held steady in the major part of the week, met with resistance and shed Rs 50 each to Rs 3,300-3,900, Rs 3,400-3,900 and Rs 3,400-3,500 per quintal, respectively. 

Peas white and green also traded lower with a moderate loss of Rs 25 each to Rs 1,975-2,075 and Rs 2,075-2,275 per quintal.