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Selling by mills and absence of demand — locally and from other States — extended the weak trend in sugar on Monday. Spot rates were down by Rs 8-10 a quintal, tracking decline in naka and mill tender rates of Rs 10-15. Mr Jagdish Rawal, a wholesaler, said the market has lost huge volumes due to need-based demand and continuou selling by mills at lower price. Inventory building is absent as prices keep heading south. Production is expected to be good in the current and following season this year. The Union overnment has declared 16.50 lakh tonnes as free-sale sugar quota this month. Producers might resort to distress sale in the second fortnight to meet the quota in time. Demand from Gujarat and Maharashtra has also eased, he said.
Sources said 8-10 mills offered tenders on Saturday, and sold about 10,000-12,000 bags (a quintal each) at Rs 2,450-2,500 for S-grade and Rs 2,500-2,600 for M-grade. Traders were expecting tender rates to drop by Rs 10-15 on Monday. Arrivals were at 48-49 truckloads of 100 bags each, and local dispatches were at 46-47 truck loads.
Bombay Sugar Merchants Association's spot rates: S-grade Rs 2,600-2,652 (Rs 2,600-2,666) and M-grade Rs 2,668-2,796 (Rs 2,671-2,801).
Nakadelivery rates: S-grade Rs 2,550-2,600 (Rs 2,570-2,610) and M-grade was Rs 2,620-2,700 (Rs 2,610-2,720).
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