Spot prices on the Vashi wholesale sugar market ruled flat on Friday due to ease in demand and holiday mood.

There were no changes in prices at all (ready, Naka and mill) levels as arrivals, dispatches and volumes were routine due to Id-E-Milad festival.

The domestic futures market was also closed. Vashi markets will be closed on Saturday and Sunday. Hence, stockists kept away from new commitments. The sentiment was weak.

A wholesaler said “due to holiday mood, volume was very thin .

Previous day evening fewer mills offered sale tenders and sold very little quantity, as the Vashi market carries more than 100 truckloads stocks and producers are continuously selling in local markets on lack of demand from neighbouring States and all that weigh on sentiment”.

Traders were reluctant to bet for fresh bulk buying as domestic futures prices were also on a declining trend.

The Indian Sugar Mills Association (ISMA) has raised its forecast for sugar output by three lakh tonnes to 243 lakh tonnes for 2012-2013, he said.

In the Vashi markets, arrivals were 60-61 truckloads (each of 100 bags) and local dispatches were 55-55 truck loads.

On Thursday evening only 6-7 mills offered tenders and sold 28,000-30,000 bags (each of 100 kg) in the range of Rs 3,110-3,180 (Rs 3,110-3,180) for S-grade and Rs 3,240-3,280 (Rs 3,240-3,280) for M-grade.

On the National Commodities and Derivatives Exchange, sugar prices for February futures were Rs 3,201 (Rs 3,212), March was Rs 3,241 (Rs 3,253) and April dropped to Rs 3,295 (Rs 3,304) the previous day.

Bombay Sugar Merchants Association’s spot rates: S-grade Rs 3,236-3,321 (Rs 3,236-3,322) and M-grade Rs 3,316-3,451 (Rs 3,316-3,451). Naka delivery rates were: S-grade Rs 3,200-3,250 (Rs 3,200-3,250) and M-grade Rs 3,250-3,400 (Rs 3,250-3,400).

Related Topics
comment COMMENT NOW