Sugar prices ruled unchanged on the fourth consecutive day on Tuesday on surplus supply and routine demand.
Stockists kept away from taking risks, said sources.
An analyst said that sugar prices are unlikely to see any spurt in the near future as mills are saddled with huge inventories They are under pressure to cut stocks ahead of the new season starting from October. .
The Vashi wholesale market has continuously been carrying over 120 truckloads (each 100 bags of 100 kg each) of inventory stocks for quite sometime.
Arrivals in Vashi market were 63-64 truckloads while local dispatches were 61-62. On Monday evening, 19-20 mills offered tenders and sold about 48,000-50,000 bags at Rs 2,910-3,000 (Rs 2,910-2,980) for S-grade and Rs 3,010-3,110 (Rs 3,000-3,110) for M-grade.
On the National Commodities and Derivatives Exchange, September futures were up by Rs 6 to Rs 3,014 (Rs 3,008), October was higher by Rs 4 to Rs 3,030 (Rs 3,026) and November was lower by Rs 2 to Rs 3,005 (Rs 3,007) till noon.
The Bombay Sugar Merchants Association’s spot rates were: S-grade Rs 3,052-3,142 (Rs 3,052-3,142) and M-grade Rs 3,172-3,352 (Rs 3,172-3,352). Nakadelivery rates: S-grade Rs 3,010-3,070 (Rs 3,010-3,070) and M-grade Rs 3,100-3,210 (Rs 3,100-3,210).
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.