Sugar prices at Vashi market witnessed a mixed trend on Thursday. In the physical market, S–grade ruled unchanged while M-grade lost Rs 10 per quintal on eased demand for quality sugar. In naka business, S-grade increased by Rs 10 while M-grade declined by Rs 10 on buying–selling pressure. Volume was need-based and at regular level, while at mill level, fresh buying by neighbouring States keep sentiment firm. Arrivals and despatches were at usual level, and sentiment was cautious but not weak, said traders.
A wholesaler said sugar prices stayed firm due to need-based local demand and easy supply from mills. At mill level, there was limited fresh buying but sentiment stayed positive ahead of Navaratri festival.
Sugar futures were down by Rs 25-30 till noon on speculative selling pressure. Most mills were not keen to sell at lower price, while a few managed to sell at market rates. Mill tender rates stayed unchanged despite poor buyer response. Producers expect improved demand in the coming days, especially in the last week for Navaratri-Durga Puja.
Out of one lakh bags, producers sold about 27,000 bags to neighbouring States and the rest to local traders at prevailing rates. Demand from West Bengal is expected to improve sharply for Durga Puja. Arrivals and local despatches remained unchanged. Freight rates were unchanged. Arrivals stood at around 49-50 truckloads (each of 100 bags), while 47-48 truckloads were lifted.
On Wednesday, nearly 17–18 mills sold about 60,000–65,000 bags to local stockists at Rs 2,650–2,710 (Rs 2,650–2,710) for S-grade, and Rs 2,725–2,800 (Rs 2,725–2,800) for M-Grade.
In the international market, sugar futures extended losses with October-11 futures closing at $743.70 ($747) a tonne, and December-11 futures at $705.60 ($717.30).
Bombay Sugar Merchants' Association rates:
Spot rates: S-grade Rs 2,761-2,851 (Rs 2,761-2,851) and M-grade Rs 2,820-2,981 (Rs 2,831-2,981).
Naka delivery rates: S-grade Rs 2,720-2,775 (Rs 2,710-2,750) and M grade was Rs 2,795-2,900 (Rs 2,800-2,910).