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Sugar prices at Vashi market witnessed a mixed trend on Wednesday.
The lack of buying sentiment for quality sugar due to high prices led to an increase in traded volumes of fair quality sugar.
Spot rates were down by Rs 10 to Rs 20 a quintal in fair quality sugar despite good demand from sweet, confectionary and snacks makers. More mills came forward to sell sugar. Naka rates were higher by Rs 10.
Mill tender rates were steady after witnessing a sharp decline on expectation of improvement in local demand. Volume was higher than on Tuesday on increased buying by stockiest-retailers at lower rates. Undertone of market was firm, said a wholesaler.
A spokesman for Bombay Sugar Merchants Association said on Tuesday evening mills did not offer good quality sugar tenders as rates were high. Fair quality sugar was largely traded in market as retail shopkeepers, stockiest and bulk consumers were active buyers at lower rates. The purchases come as the festival is set to start soon.
Prices have already come down by more than Rs 100 a quintal at upper level after announcement of sugar quota for August last week. The prices are likely to stabilise at current level.
From August 13, India will get into the festival season till next month and sugar demand is expected to increase during this time. Since the last two days Vashi market is observing good demand from sweet, confectionary and snacks makers, he added.
According to sources, on Tuesday 28-30 mills offered tenders and sold 1.75-2 lakh bags (of 100 kg each) of sugar (including one or two rakes of 27,000 bags each) in the range of Rs 2,585-Rs 2,630 (Rs 2,600-Rs 2,640) for S-grade and Rs 2,610-Rs 2,690 (Rs 2,660-Rs 2,740) for M-grade. Arrival in the market was 54-55 truckloads (of 100 bags each) and local dispatches were 54-55 truckloads.
Bombay Sugar Merchants Association spot sugar rates: S-grade Rs 2,721-Rs 2,762 (Rs 2,731-Rs 2,821) and M-grade Rs 2,761-Rs 2,931 (Rs 2,786-Rs 2,931).
Naka delivery rates: S-grade Rs 2,670-Rs 2,700 (Rs 2,645-Rs 2,700) and M-grade was Rs 2,720-Rs 2,860 (Rs 2,700-Rs 2,875).
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