Ripples Advisory, Sugar in bear grip
Selling pressure by mills and offering of resale orders at a discount kept the sugar market bearish on Thursday. Prices at the Vashi wholesale market declined by ₹10-15 a quintal.
Arrivals were at 58-60 truck loads and local dispatches were at the same level. Freight rates were steady. Inventory at Vashi were about 105-110 loads. On Wednesday, 15-16 mills sold about 42,000 bags at ₹2,780-2,850 for S-grade and ₹2,850-2,990 for M-grade.
The Bombay Sugar Merchants Association’s spot rates: S-grade ₹2,970-3,126 and M-grade ₹3,075-3,302. Naka delivery rates: S-grade ₹2,940-3,025 and M-grade ₹3,000-3,125.
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