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Sugar futures dropped sharply during intra-day on higher selling on the back of monsoon progressing satisfactorily all over Maharashtra and Gujarat. On the spot, prices ruled steady ahead of festivals. Sentiment in the physical market was cautious on the hope of higher demand.
Sources said that prices at mill level are already ruling lower and a further decline will lead to loss. Hence, spot prices will hover around current level and if demand improves, it may go up. Arrivals on the Vashi wholesale market were at 62-63 truckloads and local dispatches were also at 61-62 loads. On Tuesday, only 9-10 mills offered tenders and sold 70,000-75,000 bags at ₹2,930-3,000 (₹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: S-grade ₹3,090-3,205 (₹3,090-3,205) and M-grade ₹3,212-3,372 (₹3,212-3,372). Naka delivery rates: 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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