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Sugar prices rule steady on Monday at Vashi despite slightly higher local dispatches due to two days holidays last week. With normal and routine activities prices at Naka and mill level also remained unchanged. Futures rates on NCDEX were range bound with small gain till noon on expectation of higher demand from start of new month and rising temperature. Sentiment of the market was firm / positive said sources.
Sources said last week market was close for two days due to election and Shivratri festivals hence local demand and dispatches today remain higher compare to arrivals. However in market enough supply from mills and sufficient stocks in the hands of stockiest kept volume need base. Producers are also selling their produce at prevailing rates. Further there is a fear about government may ease import duty to avoid tight supply position during peak festivals seasons and control the price.
On Saturday evening hardly 9 – 10 mills offered tenders and sold approximately 28,000 – 30,000 bags at Rs 3850- Rs3900 (Rs3850 – Rs3900) for S-grade and Rs3910 – Rs3960 (Rs3910 - Rs3960) for M-grade.
On NCDEX March-17 contract was at Rs3813 (Rs3818) and May-17 was Rs3900 (Rs3818).
On Bombay Sugar Merchants Association's spot rates were: S-grade Rs 3,970- Rs 4,032 (Rs 3,970 - Rs 4,032) and M-grade was Rs 4,016 – Rs 4,276 (Rs 4,016– Rs 4,276).
Naka delivery rates were: S-grade Rs 3,950 – 4,000 (Rs 3,950 – Rs 4,000) and M-grade Rs 3,980– 4,050 (Rs 3,980 – 4,050).
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