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Sugar futures continued to be bearish for the third consecutive day on Thursday Spot sugar prices ruled steady on improved physical demand for the new month amid ample supply. Prices at the Vashi wholesale market, naka and at upper mill level ruled unchanged on routine activities. Traders expect higher festival demand from next week.
Producers are facing trouble due to lower prices and are not eager to sell below parity. Hence, the market may go up. Prices in other centres are ruling at a par with Maharashtra diverting neighbouring States demand to nearer ones, forcing producers to sell in local markets.
Arrivals at the Vashi market were 62-63 truckloads and local dispatches were also at 60-61 loads. On Wednesday, about 17-18 mills offered tenders and sold 60,000-65,000 bags at ₹2,930-3,000 (₹2,930-3,000) for S-grade and ₹3,050-3,170 (₹3,050-3,170) for M-grade.
Bombay Sugar Merchants Association’s spot rates: S-grade ₹3,090-3,205 (₹3,090-3,205) and M-grade ₹3,212-3,370 (₹3,212-3,372). Naka delivery rates: S-grade ₹3,050-3,160 (₹3,050-3,160) and M-grade ₹3,150- 3,280 (₹3,150-3,280).
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