Sugar prices at the Vashi wholesale market dropped by ₹4-10 a quintal for S-grade and increased by ₹5-20 for M-grade, resulting in a mixed trend on Tuesday on back of ample supply and limited demand. Naka and mill tender rates were almost steady with minor changes according to quality due to routine need-based stockist buying. In the futures market, prices ruled higher. A Vashi-based wholesaler said that retail demand was low, arresting buying by wholesale merchants at mill level as ample stocks are available in Vashi market. The volume at upper–mill level was routine and prices were under pressure as producers are continuously selling the commodity in local markets in the absence of upcountry or export demand.

Meanwhile, the US Department of Agriculture has estimated India’s sugar production at 24.8 million tonnes during the ongoing season to September, higher than the 23.8 million tonnes forecast by the domestic industry body Indian Sugar Mills Association. The USDA said the output is expected to be lower than the 25.1 million tonnes achieved last 2012-13 season.

Arrivals at Vashi were around 57-58 truckloads (each 100 bags) and local dispatches were 52-53 loads. On Monday, about 14-15 mills offered tenders and sold 34,000–35,000 bags at ₹2,950 - 3,020 (₹2,950-3,020) for S-grade and ₹3,050-3,160 (₹3,050-3,160) for M-grade.

Bombay Sugar Merchants Association's spot rates were: S-grade ₹3,112-₹3,251 (₹3,122-3,255) and M-grade was ₹3,242-3,416 (₹3,242-3,392).

Naka delivery rates were: S-grade ₹3,060-3,130 (₹3,060-3,130) and M-grade ₹3,170-3,270 (₹3,160-3,300).

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