Sugar prices ruled steady on Monday despite improved festival demand. Enough stocks – inventories at the Vashi wholesale market amid mills selling pressure kept activities need-based at mill level.
At Vashi, prices remained range bound as per quality. Naka rates were unchanged on sufficient quota for the month and continuous supply from mills. At Vashi arrivals – local dispatches improved slightly on festival demand. Sentiment remained steady, said sources.
Arrivals were about 38 – 40 truck loads (Each of 10 tonnes) and local dispatches were at same level. At Vashi inventory was about 105 – 110 truck loads. Freight rates were stable at ₹80 – 100 per bag.
On Saturday evening, 22 mills offered tenders and sold about 58,000 – 60,000 bags at ₹3,100 – 3,160 for S-grade and ₹3,160 – 3,230 for M-grade.
The Bombay Sugar Merchants Association spot rates (₹/quintal): S-grade 3,226 –3,292 and M-grade 3,276 – 3,440.
Naka delivery rates (₹/quintal): S-grade 3,170 – 3,220 and M-grade 3,230 –3,320.
Read More: Range-bound trading in sugar – The Hindu BusinessLine