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Sugar prices ruled steady local demand eased on Thursday. Prices declined on futures market also on sufficient stocks available at producing as well as markets. Traders feel that due to ample inventories and lack of demand supply remained adequate in local market and it will continue to put pressure prices. A Vashi-based wholesaler told Business Line, “Wholesale prices in the spot market already rose by over ₹100 after Government’s decision to raise import duty. This will stop imports flow but domestic producers and stockists are carrying enough inventories due to higher production this year. Producers are not keen to sell at lower level but stockists also don’t want to build up higher inventory due to monsoon. Hence prices may witness a bearish trend till month-end.”Arrivals at Vashi market declined to 58-60 truckloads on Thursday. Local dispatches were about 56-57 loads. On Wednesday evening, 17-18 mills offered tenders and sold about 48,000-50,000 bags at ₹3,000-70 (₹3,000-70) for S-grade and ₹3,120-3,250 (₹3,120-3,250) for M-grade.
Bombay Sugar Merchants Association’s spot rates: S-grade ₹3,110-3,212 (₹3,100-3,212) and M-grade ₹3,206-3,382 (₹3,222-3,382). Naka delivery rates: S-grade ₹3,050-3,120 (₹3,050-3,120) and M-grade ₹3,160-3,250 (₹3,160-3,250).
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