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Higher selling pressure by mills and month end slack physical demand kept sugar market bearish this week. Maharashtra’s producers sold sugar at ₹10-15 lower on less than expected demand following which at Vashi prices gone down further by ₹10- 20. Naka trade also suffer lose by same margin.
Arrivals at Vashi were 60-61 truck loads and local dispatches were at 57- 58 truck loads. On Wednesday evening 15-16 mills offer tenders and sold about 30,000 bags at ₹3,490-3,560 ( ₹3,500-3,570) for S-grade and ₹3,580-3,650 (₹3.600 – 3,660) for M-grade. On Bombay Sugar Merchants Association's spot rates were: (in ₹) S-grade 3,636- 3,710 ( 3,640- 3,720) and M-grade 3,740- 3,912 (₹3,762-3,912). Naka delivery rates were: (in ₹)S-grade 3,600 – 3,680 (3,600 – 3,680) and M-grade 3,650-3,780 (₹3,650-3,780).
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