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Under current in sugar market remained firm on Thursday on back of higher demand upper level amid firm mill tender rates. Producers not eager to sell at lower price as stockiest continued buying prevailing rates. At Vashi market prices were up by Rs5-Rs10 for fine quality. Naka rates were steady on ease reselling. Retail off take from markets remained routine. Freight rates were steady.
Sources said upper level resells DO quoted higher in line with firm tender rates which lift the sentiment in physical markets. But enough arrivals from producing centers and routine local demand kept spot prices range bound baring fine quality sold slightly higher. Arrivals and local dispatches remained at par. Futures prices on NCDEX remained steady.
Arrivals at Vashi market were 62-63 truck loads while local dispatches were 60-61 truckloads. On Wednesday evening 15 – 16 mills offer tenders and sold 43,000 – 45,000 bags at Rs2290- Rs2390 (Rs2290 - Rs2390) for S-grade and Rs2400 - Rs2490 (Rs 2400 - Rs2490) for M-grade.
On NCDEX futures prices for October-15 futures was Rs2340 (Rs2343) and December-15 was Rs2355 (Rs2355) till noon.
On Bombay Sugar Merchants Association's spot rates were: S-grade Rs 2,410 Rs 2,502 (Rs 2,410 - Rs 2,482) and M-grade was Rs 2,470 - 2,572 (Rs 2,466 - 2,575).
Naka delivery rates were: S-grade Rs 2,370 – 2,470 (Rs 2,370 - 2,470) and M-grade Rs 2,490 – 2,590 (Rs 2,490 – Rs 2,590).
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