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Sugar prices extended their loss further on Thursday, as producers continued selling at lower prices on lower than expected demand. Prices on the Vashi wholesale spot market declined by ₹25-30 a quintal, while naka trade took place at ₹30-40 lower as traders were under pressure to lift stocks on Thursday. Mill tender rates were down by ₹50-60. A Vashi-based wholesaler said pressure on stockists kept buying at the upper level limited, forcing producers to sell commodity at a heavy discount. However, few mills offered tenders on Wednesday evening, but managed to sell enough quantity. Local dispatches remained lower on easy retailer’s demand. Inventories at the Vashi market were considered at 115 -120 truckloads. Freight rates were unchanged.
Arrivals at Vashi market were around 63-64 truckloads (100 bags each) and local dispatches were 59-60 loads. On Wednesday evening, 14-15 mills offered tenders and sold about 48,000-50,000 bags at ₹3,000-3,050 (₹ 3,060-3,100) for S-grade and ₹3,100-3,200 (₹3,160-3,250) for M-grade.
On National Commodities and Derivatives Exchange, April futures extended loss to ₹3,085 (₹3,091), May -decreased to ₹3,142 (₹3,146) and June dropped to ₹3,173 (₹3,174) which were ₹3,211, ₹3,251 and ₹3,279 respectively on April 3.
Bombay Sugar Merchants Association’s spot rates were: S-grade ₹3,142-3,365 (₹3,172-3,380) and M-grade was ₹3,301-3,472 (₹3,326-3,502).
Naka delivery rates were: S-grade ₹3,120-3,180 (₹3,070-3,170) and M-grade ₹3,200-3,320 (₹3,230-3,350).
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