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Sugar prices ruled steady on Friday on the back of lower volumes due to Ganesh Chaturthi. At Vashi, prices were ₹5-7 up for fine quality and lower by ₹4–6 for fair quality. Naka rates and mill tender rates remained unchanged. Arrivals and local dispatches were at par at Vashi as market was close previous session. Futures rates on NCDEX were down for Oct and up for Dec-March till noon. Freight rates were steady. Morale was steady.
Analyst said as supply remained ease due to producers continuous selling. However festival demand kept under current of the market positive. Arrivals and local dispatches were at par keeping market inventory stable. As 10 days long Ganeshotsav got over prices may remain under pressure for short while.
Arrivals at Vashi increase to 60 – 61 truck loads and local dispatches were up at 61 – 62 truck loads. On Thursday due to holiday volume remained thin. About 7- 8 mills offered tenders and sold about 24,000 – 25,000 bags at steady rates Rs 3500 - Rs3550 (Rs3500 – Rs3550) for S-grade and Rs3580 – Rs3630 (Rs3580-Rs3630) for M-grade.
On NCDEX futures prices for Oct -16 futures was at Rs3574 (Rs3577), Dec-16 was at Rs3698 (Rs3674) and March-17 at Rs3920 (Rs3875) till noon.
On Bombay Sugar Merchants Association's spot rates were: S-grade Rs 3,612- Rs 3,755 (Rs 3,616 - Rs 3,751) and M-grade was Rs 3,712 – Rs 3,852 (Rs 3,702) – Rs 3,850).
Naka delivery rates were: S-grade Rs 3,580 – 3,640 (Rs 3,580 – Rs 3,640) and M-grade Rs 3,650– 3,740 (Rs 3,650 – 3,740).
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