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Lower demand ahead of Diwali pulled down sugar by Rs 4-5 a quintal in the spot market on Wednesday.
Naka rates remained unchanged for a fourth day. Mill tender rates dropped by Rs 5-10 a quintal as selling rose at higher prices because of less-than-expected demand. Arrivals were higher than local dispatches.
Freight rates were steady at the higher level. Stockists covered according to their needs, said a wholesaler.
An Empowered Group of Ministers may meet this week to review limits for stockholding and exports as a record crop is expected in the current season. While local consumption is 225-230 lakh tonnes, output is likely at 260-265 lakh tonnes in 2011-2012 against 245-250 lakh tonnes last year.
Arrivals in the Vashi market were at 52-53 truckloads while local dispatches were at 47-48 truckloads. On Tuesday, about 12-13 mills offered tenders and sold about 45,000-50,000 bags to local traders at Rs 2,695-2,770 (Rs 2,695-2,780) for S-grade and at Rs 2,790-2,900 (Rs 2,795-2,910) for M-grade. Fine-quality M-grade fetched Rs 10-15 higher.
Bombay Sugar Merchants Association spot rates: S-grade — Rs 2,812-2,900 (Rs 2,816-2,900); M-grade — Rs 2,911-3,062 (Rs 2,914-3,062).
Naka delivery rates: S-grade — Rs 2,770-2,820 (Rs 2,770-2,820); M-grade — Rs 2,875-3,020 (Rs 2,875-3,020).
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