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The weak trend in sugar prices at the upper naka and tender level weighed on spot market on Friday. Spot prices were quoted lower by Rs 8-10 a quintal, tracking the lower prices producers quoted on Thursday.
The naka price declined by a similar margin. A wholesaler from the Vashi market said there was no loading and unloading of goods on account of the holiday observed by the Mathadi Kamgar. Sugar futures prices were down by Rs 30 a quintal during the day.
Since most players were aware that movement of goods would come to a standstill on Friday, they had covered their positions beforehand.
On Thursday evening, a few mills offered tenders and sold lesser than the routine quantities. Some mills have sold lower quality material at Rs 20 below the normal tender rates. Mills are under pressure to finish their quotas in time.
On Thursday, about 22-23 mills sold 35,000-40,000 bags of sugar (100 kg each) in the price range of Rs 2,450-2,510 for S-grade and Rs 2,525-2,605 for M-grade. Rates remained the same on Friday. According to the traders, spot rates were: S-grade -Rs 2,610-2,665 (Rs 2,625-2,675) and M-grade- Rs 2,680-2,820 (Rs 2,685-2,825).
The nakarates for S-grade were Rs 2,570-2,600 (Rs 2,580-2,600) and for M- grade Rs 2,625-2,710 (Rs 2,625-2,720).
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