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Sugar prices on the Vashi wholesale market declined by ₹4 a quintal for M-grade on the lower side, while it ruled steady for the S-grade. Naka and Mill tender rates were unchanged as producers kept tender offer for sale open to ease stock burden in lack of expected demand. In the futures market, prices were stable tracking a rebound in world market amid expectation of higher physical demand ahead of Dasara festival.
Traders said producers are continuously keeping sell tender offer open indicating selling pressure for old stocks as the new crushing season approaches. The new season will start from next month and India’s 2014-2015 sugar output will not be less than the annual demand. Traders expect local sugar demand to pick-up in the coming days ahead of the festivals. On Monday, about 18-20 mills offered tenders and sold 50,000–52,000 bags at ₹2,850-2,940 (₹2,850-2,940) for S-grade and ₹2,950-3,050 (₹2,950-3,060) for M-grade.
The Bombay Sugar Merchants Association’s spot rates were: S-grade ₹3,036-3,122 (₹3,036-3,122) and M-grade was ₹3,132-3,305 (₹3,136-3,305).
Naka delivery rates were: S-grade ₹2,940-3,000 (₹2,940-3,000) and M-grade ₹3,000-3,140 (₹3,000-3,140).
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