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Sentiment in sugar market ruled firm with spot prices on Vashi market extending gains by ₹5-10 on Tuesday. Naka rates ruled steady at higher level as resellers/stockists held back selling considering firm mill tender rates. Analysts said, “Higher prices in Uttar Pradesh and southern States may divert demand from Gujarat, Rajasthan, Madhya Pradesh and other neighbouring states to Maharashtra in coming months. In world market sugar futures were firm on global weather prospects in light of increased odds for El Nino weather conditions this year. Increased chance of El Nino weather may lead to possible droughts in South-East Asia and Australia and floods in South America, which could hit key agricultural crops including sugarcane.”
Arrivals at Vashi market were about 61-62 truck loads (of 100 bags each) and the local dispatches were 57-58 truck loads. On Tuesday evening, 15-16 mills offered tenders and sold about 55,000-58,000 bags at ₹2,830-2,950 (₹2,830-2,950) for S-grade and ₹2,990-3,075 (₹2,990-3,075) for M-grade.
Bombay Sugar Merchants Association’s spot rates were: S-grade ₹2,950-3,050 (₹2,956-3,040) and M-grade was ₹3,062-3,162 (₹3,026-3,162). Naka delivery rates were: S-grade ₹2,920-3,000 (₹2,920-3,000) and M-grade ₹3,000-3,130 (₹3,000-3,130).
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