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Sugar prices ruled steady at the Vashi wholesale market on Wednesday as activities remained subdued due to Mathadi Kamgar’s strike. Bombay Sugar Merchants Association was closed. Producers also continued selling at current rates in absence of expected demand. Futures markets continued bearish trend. Morale was weak, said sources.
Retail brokers and traders downed shutters and stayed away from making new commitments. As supply is ample and demand need based, activities remained thin. Vashi market carries about 110-115 truckloads of inventory keeping stockists away from building up new stocks.
New arrivals from the producing centres at Vashi market were not unloaded in the markets due to Mathadi Kamgars strike. On Tuesday evening, 10-12 mills offered tenders and sold 25,000-30,000 bags at ₹2,920-3,000 (₹2,920-3,000) for S-grade and ₹3,030-3,140 (₹3,030-3,140) for M-grade.
Nominal spot rates at Vashi market: S-grade ₹3,090-3,205 (₹3,092-3,205) and M-grade was ₹3,205-3,340 (₹3,206-3,350). Naka delivery rates: S-grade ₹3,030-3,080 (₹3,030-3,080) and M-grade ₹3,140-3,240 (₹3,140-3,240).
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