Range-bound trading in sugar market

Spot sugar prices on the Vashi wholesale market witnessed mixed trend with Rs 5-7 range-bound movement on Tuesday. At the mills level, due to absence of fresh demand, tender rates declined by Rs 10-20 a quintal. Naka delivery rates came down by the same margin. Half of the APMC market complex was closed afternoon as the volume was very thin. Arrivals and dispatches were at usual level.

A wholesaler said: “Absence of local retail demand and selling pressure for January 5 due date by stockists/traders weighed on the sentiment. Arrivals in the market were 48-50 truckloads (each 100 bags) and dispatch was about 42-45 truckloads. As mills are reluctant to sell at current price level on expectation of higher price, most of their tender offers are not getting the expected response, building up pressure on them. ”

At the Vashi market, resale Naka delivery volume took place in the range of Rs 2,930-2,960 for S-grade and Rs 2,965-3,000 for M-grade.

According to Bombay Sugar Merchants' Association, spot sugar rates were S – grade: Rs 2,961-3,010 (Rs 2,960-3,005) and M – grade: Rs 2,998-3,061 (Rs 3,001-3,051). Naka delivery rates were: S – grade: Rs 2,930-2,960 (Rs 2,930-2,960) and M – grade was Rs 2,970-3,000 (Rs 2,970-3,000).