Mumbai, June 21:
Sugar prices at producing level dropped by Rs 10 on Friday on slack demand.
In the Vashi wholesale market, prices ruled steady on routine retailers demand.
Sufficient inventory stocks and in the absence of positive cues, stockists kept away from taking fresh risk amid thin volatility in futures markets.
Loading-unloading activities were close till noon due to felicitation programme of Mathadi Union leaders Shashikant Shinde and Narendra Patil. Moral was weak.
Sources said supply from mills continued while local offtake remained slightly weak as retailers have already covered sufficient stocks.
Consumer’s demand is also lower after reopening of school and collages. Prices on domestic futures market ruled steady with thin volatility.
Need based demand at upper level cooled down mill tender rates by Rs 10 as some needy mills offloaded commodity at lower rates for managing financial liquidity.
Market trend will remain weak till month end due to continuous supply, sources said.
From next month, sentiment may become positive due to Ramadan and Ashadhi Ekadashi Festivals.
Festival seasons will start from next month till December.
Arrivals in the Vashi market were 64-65 truck loads (each of 100 bags) and local despatches were about 62-63 truck loads.
On Thursday, 12-13 mills offered tenders and sold about 34,000-35,000 bags at Rs 2,940-3,000 (Rs 2,950-3,010) for S-grade and Rs 3,020-3,110 (Rs 3,020-3,120) for M-grade.
On National Commodities and Derivatives Exchange, sugar July futures were lower by Rs 2 to Rs 3,058 (Rs 3,060), August was Rs 3,111 (Rs 3,110) and September higher by Re 1 to Rs 3,160 (Rs 3,159) till noon.
The Bombay Sugar Merchants Association’s spot rates were: S-grade Rs 3,064-3,141 (Rs 3,064-3,141) and M-grade Rs 3,172-3,341 (Rs 3,186-3,341).
Naka delivery rates were: S-grade Rs 3,020-3,080 (Rs 3,020-3,080) and M-grade Rs 3,140-3,220 (Rs 3,140-3,220).