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The sugar market ruled flat at naka and mill level, while prices dropped by Rs 5-20 a quintal for old stocks on Tuesday.
Due to Christmas holiday, the volume was lower as banks were closed. Activities were need-based in the physical market with supply outstripping offtake.
Sources said: “Producers and stockists sold old stocks Rs 5-20 lower as enough stocks from the new season are now available. Prices for new stocks are ruling steady as producers are quoting higher rates.
Sugar prices are unlikely to drop further from current level calculating the cost of production at Rs 3,400 a quintal average.
In the absence of neighbouring States’ demand and prospects for exports bleak, prices in the domestic market will be under pressure.”
Arrivals at Vashi market were 61-62 truckloads (of 100 bags each) while local dispatches were lower at 57-58 loads.
On Tuesday, 19-20 mills sold 64,000-65,000 bags at steady rates of Rs 2,650-2,750 (Rs 2,650-2,750) for S-grade and Rs 2,750-3,000 (Rs 2,750-3,000) for M-grade.
The Bombay Sugar Merchants Association’s spot rates were: S-grade Rs 2,846-3,002 (Rs 2,846-3,002) and M-grade Rs 2,971-3,171 (Rs 2,971-3,192). Nakadelivery rates were: S-grade Rs 2,810-2,880 (Rs 2,810-2,880) and M-grade Rs 2,950-3,100 (Rs 2,950-3,100).
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