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Sugar prices in the spot market declined by ₹2-5 a quintal on Friday while futures market continued to decline for the fourth consecutive day. Due to continuous rain local offtake remained lower than arrivals. Prices at naka and mill level ruled steady. Morale was steady, said traders.
Jagdish Rawal of B Bhogilal and Co, said as producers are selling continuously and Vashi market is well-stocked, traders kept away from building new inventory. Currently, about 115-120 truckloads of stocks are available in the Vashi market. Revival of the monsoon across the country, especially in Maharashtra, Gujarat and Uttar Pradesh have improved the prospect of sugarcane sowing and output. Arrivals at Vashi market were at 62-63 truck loads and local despatches were also at 60-61 truck loads. On Thursday, about 17-18 mills offered tenders and sold 54,000-55,000 bags at ₹2,925-3,000 (₹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 were: S-grade ₹3,086-3,202 (₹3,090-3,205) and M-grade was ₹3,210-3,365 (₹3,212-3,370). Naka delivery rates were: 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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