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Sentiment in the Vashi sugar market was firm on Friday on expectation of an increase in fresh local demand after the two-day closure of the market on account of festivals.
Higher sugar prices in other States kept alive bulk buying interest in Maharashtra's mills. Spot prices quoted Rs 5-10 higher than the mill tender rates, and in line with the naka prices. The spot market is showing a firm sentiment, said market sources.
According to a wholesaler, there were no arrivals and dispatches recorded on Friday. On Thursday, the market was closed on account of Ganeshchaturthi. So on Saturday there will be higher arrivals/dispatches as also higher trade volumes.
As Ganeshotsav will be celebrated till September 11, consumer demand for sugar and other commodities is likely to go up. Since the last 10-15 days, 50-52 truckloads on an average were lifted every day by retailers.
The State Government has declared a total quota of 19.31 lakh tonnes for September-11 (which includes 15 lakh tonnes of normal quota, 2 lakh tonnes of carry forward of August-11, and 2.31 lakh tonnes of levy quota).
For August-11, the total quota was 19.25 lakh tonnes. As this is considered barely sufficient by traders, there is likelihood of some further upward correction next week.
The sugar futures market was up Rs 10-15 till noon on Friday and expectations of a further rise weigh on the physical market. Mill tender rates were expectedly higher by Rs 5-10 after remaining steady in the last five days.
In the Vashi market, about 15-20 truckloads (each of 100 bags, and each bag weighing 100 kg) arrived from nearby centres in the last two days but could not be unloaded due to the holidays.
On Saturday, higher arrivals and local dispatches are expected. The last-quoted prices at which mills sold sugar were: Rs 2,610-2,650 (Rs 2,610-2,650) for S-grade; and Rs 2,670-2,770 (Rs 2,670-2,770) for M-Grade.
In the international market, October-11 futures declined to $762.80 a tonne from $770.80.
Sugar spot rates : S-grade, Rs 2,760-2,840; and M-grade Rs 2,805-2,940 a quintal.
Naka delivery rates: S-grade, Rs 2,715-2,760; and M-grade, Rs 2,780- 2,880. Mill tender are expected to be Rs 2,625-2,660 for S-grade; and Rs 2,680-2,775 for M-grade.
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