Spot sugar prices ruled weak on slack demand while on futures speculative buying pushed up rates on Friday. Increased lifting pressure on stockists and mills selling at discount kept overall activities limited and the morale weak, said sources. On the Vashi wholesale market, prices dropped by ₹15-20 and at mill level it declined by ₹20/quintal. Naka prices were unchanged.

Sources said that Government’s determination to curb food inflation by way of taking stiff action against hoarders has put traders under fear and kept them away from taking fresh bulk buying risk. Moreover, pressure on stockists to lift the commodity they have booked in advance before month-end and improved selling by mills pulled down the morale in physical markets. Vashi market already caries 115-120 truckloads of stocks and in absence of upcountry and exports demand produces are forced to sell in local market. Hence the supply is ample.Arrivals at Vashi market declined to 61-62 truckloads and local dispatches were about 57-58 loads. Freight rates have gone up by ₹10-12 in the last two-three days. On Thursday evening, 14-15 mills offered tenders and sold about 38,000-40,000 bags at ₹2,980-3,050 (₹3,000-70) for S-grade and ₹3,100-3,230 (₹3,120-3,250) for M-grade.

Bombay Sugar Merchants Association’s spot rates: S-grade ₹3,122-82 (₹3,110-3,212) and M-grade was ₹3,202-3,382 (₹3,206-3,382). Naka delivery rates: S-grade ₹3,060-3,120 (₹3,050-3,120) and M-grade ₹3,160-3,260 (₹3,160-3,250).

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