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Sugar prices witnessed a mixed trend on Wednesday with the rise of Rs 5-7 in the physical market on support of fresh local demand, while lose was quoted at Rs 8-10 for S-grade on resale selling pressure. The rates for M-grade naka delivery improved by Rs 10 on lack of selling. Local retailers' demand improved as the market will be closed on Thursday on account of Ganesh Chaturdashi festival. The moral was steady. There is no big impact of new months free sale sugar quota, but considering higher demand in the coming days, quota may prove hand-to-mouth which will support the bull sentiment, said traders. On Tuesday, the Government declared a total 19.31 lakh tonnes sugar quota for September-11 (which includes 15.00 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 it was total 19.25 lakh tonnes.
According to wholesalers, an increase in fresh local retail demand for Ganeshotsav festivals, along with need-based buying by neighbouring States, continued to support business sentiment. Arrivals and dispatches were at the routine level, despite shops remaining closed in majority of the Muslim areas due to Ramzan . Demand from retailers improved before 11 days long celebration of Ganeshotsav festivals starts from Thursday. In neighbouring States, sugar prices ruled firm in line with hand-to-mouth quota for the new month and increase in consumption demand at the local level.
Arrivals in Vashi market was about 51-52 truckloads (each 100 bags of 100 kgs) and local dispatches were about 50-51 truckloads. On Tuesday evening, few mills offer tenders. About 12-13 mills sold about 60,000-65,000 bags to the local stockists in the range of 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. Mill tender rates ruled unchanged on five consecutive days. In the international market, October – 11 futures declined to $767.80 from $780.60 per tonnes.
Bombay Sugar Merchants Association: Spot rates: S-grade Rs 2,758-2,835 (Rs 2,756-2,831) and M-grade Rs 2,801-2,936 (Rs 2,801-2,931).
Naka delivery rates: S-grade Rs 2,710-2,750 (Rs 2,720-2,750) and M grade was Rs 2,770-2,880 (Rs 2,760-2,860).
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