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Sugar futures ruled weak on Monday tracking slack physical demand amid bearish global cues. On the Vashi market, spot and naka prices remained range-bound but the sentiment was weak without any activities.
Activities in Vashi market remained standstill due to Mathadi Kamgar’s one-day token strike . Hence there were no arrivals and local dispatches to and from the markets. The Bombay Sugar Merchants Association remained closed. Sufficient stocks both at mill and market level and continuous selling by producers at discount kept prices under check. At mill level, volumes remained need-based on Saturday evening. About 21-22 mills offered tenders and sold about 44,000-45,000 bags for steady rates at ₹2,340-2,490 for S-grade and ₹2,500-2,640 for M-grade.
Nominal spot rates: S-grade ₹2,545-2,665 and M-grade ₹2,630-2,850. Naka rates: S-grade ₹2,560-2,600 and M-grade ₹2,650-2,780.
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