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Sugar prices on the Vashi wholesale spot market increased by Rs 6 a quintal for bold variety M-grade, while S-grade ruled unchanged on Thursday. Naka and mill tender rates ruled steady on routine demand. Continuous supply from mills kept stockists away from fresh bulk buying. Jagdish Rawal of B. Bhogilal and Co, told Business Line that as the market carries more than sufficient stock and local demand remains need-based, no one wants to take a risk.
The only supporting factorfor the market barring local demand is emerging chances of exports when world sugar prices crossed $500 a tonne last week and weak Indian currency.
But thereafter sharp drop in world prices ($475-480) has erased that hope. Producers are still carrying huge surplus stock and they will continue selling at every stage.
Arrivals were 64-65 truck loads (of 100 bags each) while local dispatches were also 62-63 truck loads.
On Wednesday, 14-15 mills offered tenders and sold 58,000-60,000 bags at steady level at Rs 2,910-3,000 for S-grade and Rs 3,010-3,110 for M-grade.
Bombay Sugar Merchants Association's spot rates were: S-grade Rs 3,042-3,142 (Rs 3,042-3,136) and M-grade Rs 3,162-3,372 (Rs 3,162-3,372). Nakadelivery rates were: S-grade Rs 3,005-3,060 (Rs 3,005-3,060) and M-grade Rs 3,120-3,210 (Rs 3,120-3,210).
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