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Bearish trend continued in Sugar Market on Tuesday as producers all over under pressure of heavy inventory continue offloading commodity with discount to manage finance. Prices at Mill level dropped further by Rs10 which resulted in decline of Rs10 at Vashi market. Naka rates rule unchanged. With routine arrivals, local dispatches and volume morale remained weak said sources.
Sources said to ease inventory – surplus burden producers in Maharashtra continued selling lower rates which depress the prices on spot markets also. Enough stocks in hands of stockiest keep them away from fresh bulk buy. In absence of upcountry and exports lifting producers have to concentrate on local market only hence supply is ample. With start of monsoon rain and opening of schools – collages having extra burden on pockets of common people, retailers demand will also be ease. Vashi market carries about 110-115 truckloads stocks.
Arrivals at Vashi market declined to 57 – 58 truck loads and local dispatches were about 55- 56 truck loads. On Monday evening about 18-19 mills offered tenders and sold about 35,000 – 36,000 bags Rs10 lower at Rs2170 - Rs2320 (Rs2180 - Rs2330) for S-grade and Rs2260 - Rs2440 (Rs2270 - Rs2450) for M-grade.
On NCDEX July-15 futures declined by Rs16 to Rs2227 (Rs2243) and October-15 dropped by Rs21to Rs2295 (Rs2316) till noon.
On Bombay Sugar Merchants Association's spot rates were: S-grade Rs 2,342 - Rs 2,520 (Rs 2,352 - Rs 2,525) and M-grade was Rs 2,460 - 2,672 (Rs 2,470- 2,682).
Naka delivery rates were: S-grade Rs 2,310 – 2,350 (Rs 2,310 - 2,350) and M-grade Rs 2,400 – 2,560 (Rs 2,400 – Rs 2,560).
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