Sugar prices in spot and naka level ruled steady in Maharashtra on Tuesday. The Vashi wholesale market was closed due to Anna Saheb Patil Jayanti. There were no loading or unloading in the market.
Maharashtra’s mills sold more than 1.25 lakh bags on Monday evening including another two rail rakes (about 54,000 bags) to eastern side at steady price. Mill tender rates were unchanged. Traders are now waiting for announcement of new open sale quota which will decide future trends of the market said sources.
Jagdish Rawal, a Vashi-based wholesaler, said that fresh demand from neighbouring States in the last two days, has kept sentiment positive in physical market.
On Saturday and Monday, Maharashtra’s mills sold two rail rakes (about 54,000 bags) each day over and above routine local sales. Despite higher 51.66 lakh tonnes open sale quota for the quarter ended September, producers are not seemed to be under pressure.
Sugar prices have seen a steady rise of Rs 100-125/quintal on higher demand. Festivals in next two months will push up demand in physical market he said.
The National Commodities and Derivatives Exchange sugar futures were down by Rs10-31/quintal. October futures dropped to Rs 3,545 (Rs 3,555), November contracts Rs 3,513 (Rs 3,544) and December Rs 3,409 (Rs 3,424) till noon.
On Monday evening, about 16-18 mills sold about 73,000-75,000 bags (each of 100 kg) to the local traders at Rs 3,540-3,590 (Rs 3,540-3,590) for S-grade and Rs 3,630 - 3,710 (Rs 3,630-3,710) for M-grade. Producers also sold two rail rakes (each of 27,000 bags) of S-grade to the neighbouring States, said sources. Sugar spot prices were: S-grade Rs 3,625-3,705 (Rs 3,625-3,702) and M-grade Rs 3,715-3,811 (Rs 3,710-3,811). Naka delivery rates: S-grade Rs 3,590-3,640 (Rs 3,590-3,640) and M-grade Rs 3,660-3,760 (Rs 3,660-3,760).