Sugar, onion arrivals hit

INCESSANT RAINS SEND SHIVERS DOWN MARKET SPINE

Heavy rains that have lashed Maharashtra since Saturday have disrupted arrivals of sugar and onion to the major spot markets in the state, while demand continued to be good, market players said today.

"Bridges have been destroyed as water levels have risen due to which trucks carrying sugar stocks from factories are not reaching the markets," said Atul Shah, a Kolhapur-based sugar trader.

Most of the trucks carrying sugar to the Kolhapur market, one of the largest market for the sweetener, come from Shirol, which has become inaccessible owing to floods, he said.

However, no reports of crop damage have been reported yet. Traders expect sugar prices to go up by Rs 10-15 in the next couple of days if the situation continues. Similar situation was witnessed in the onion markets of the state.

The Lasalgaon onion market, where trade begins at 9:45AM, opened after 2PM on Monday, as there were no arrivals until then, traders said.

However, the Pimplegaon onion market was open but did not witness much activity due to low arrivals, said Vikoo Sheth of Jeevankumar Manikchand Baphna trading agency.

Lasalgaon and Pimplegaon are the leading spot markets for onion in India.