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Sugar prices took a breather at low level on Wednesday after have dropped steadily in the last ten days. Prices at the mill level have fallen by Rs 70-80 a quintal since May 21. In the spot market, it declined by Rs 40-50 a quintal due to continuous selling by mills. At the spot and naka level, prices rule unchanged as supply is ample in local markets. A spokesman for B. Bhogilal and Co said: “Need-based local demand during the month-end and absence of bulk buying by neighbouring States in Maharashtra are keeping activities thin. Traders are not keen on inventory buying despite summer being hot as there is no improvement in demand.”
He said: “Sugar futures and the exports market is passing through a weak trend, adding pressure to spot markets. Higher sugar production and the mandate to complete free sale quota sell in time are leaving producers with no choice but to go with the market sentiment.”
In Vashi wholesale market, arrivals were 50-52 truckloads and dispatches were 46-48 loads.
On Tuesday, 12-13 mills offered tenders and sold about 45,000-47,000 bags in a steady range of Rs 2,780-2,840 (Rs 2,780-2,840) for S-grade and Rs 2,850-2,930 (Rs 2,850-2,930) for M-grade unchanged since start of the week.
The Bombay Sugar Merchants Association's spot rates : S-grade Rs 2,922-2,972 (Rs 2,922-2,971) and M-grade Rs 2,996-3,141 (Rs 2,996-3,141).
Nakadelivery rates: S-grade Rs 2,880 -2,910 (Rs 2,970-3,040).
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