NEW DELHI (Commoditiescontrol) – Sugar prices extended rally in the spot market of Mumbai on Tuesday while futures slipped at local bourse due to profit booking. Supply increased at higher prices while demand declined. However, buyers from Rajasthan, Gujarat and Madhya Pradesh were active in the markets of Maharashtra, said a trade source.
Arrivals were 32-33 truck loads but local dispatches were around 30-31 truck loads.
Kolhapur ex-mill rates rose sharply by Rs. 30/100kg. S-grade of sugar was quoted at Rs. 3,690-3,780/100kg and M-grade of sugar was offered at Rs. 3,760-3,870/100kg.
Accordingly, spot prices at Vashi market for S-grade sugar were quoted at Rs. 3,810-3,900/100kg while M-grade sugar traded at Rs. 3,880-3,990/100kg.
Bombay Sugar Merchant Association’s spot rates also increased. S-grade of sugar was quoted at Rs. 3,770-3,862/100kg and M-grade of sugar at Rs. 3,820-3,950/100kg.
Naka delivery rates were also quoted higher. S-grade sugar was offered at Rs. 3,790-3,750 and M-grade was quoted at Rs. 3,850-3,940/100kg.
By 1539 IST, sugar future contract for delivery in March was Rs. 10 or o.26 percent down at Rs. 3,865 due to profit booking as it opened firm at Rs. 3,880/100kg.
(By Commoditiescontrol Bureau; +91-22-40015533)