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Selling by sugar mills at ₹20-30 a quintal lower kept sugar prices in spot and futures markets under pressure on Monday. Need-based local demand and continuous supply pulled down physical prices by ₹10-20 on the Vashi wholesale market. However, naka rates were unchanged on limited activities. Jagdish Rawal of B. Bhogilal & Co said, “due to continuous recovery in domestic currency against dollar – which reduced the chances of exports – and slack local demand the offtake was limited. Millers are selling continuously resulting in ample supply in the market. Vashi market is already carry over 110-115 truckloads of inventory since the last few days keeping stockists away from taking fresh bets. Global prices have improved after the Centre cut the export subsidy but a sharp recovery in the rupee has made sugar exports uncompetitive. Freight rates were steady.
Arrivals at Vashi market were around 55-56 truckloads (of 100 bags each) and the local dispatches were 52-53 loads. On Saturday evening, about 13-14 mills offered tenders and sold hardly 38,000-40,000 bags at ₹2,950-3,020 (₹2,950-3,050) for S-grade and ₹3,050-3,160 (₹3,050-3,200) for M-grade.
Bombay Sugar Merchants Association’s spot rates: S-grade ₹3,122-3,255 (₹3,132-3,262) and M-grade was ₹3,242-3,392 (₹3,242-3,426). Naka delivery rates were: S-grade ₹3,060-3,130 (₹3,060-3,130) and M-grade ₹3,160-3,300 (₹3,160-3,300).
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