Profit-booking drags sugar futures

Sugar prices ruled steady on Tuesday on routine demand while profit booking pulled down prices by Rs 5-7 a quintal on the domestic futures market.

Due to continuous rain in the city and middle month time, local demand remained need-based that kept prices in physical markets steady with minor changes. Moral was calm, said traders.

Sources said that in the Vashi wholesale market, S-grade improved by Rs 10 while M-grade lost by Rs 5 at higher end.

Naka and mill tender rates were steady, while in futures market, profit booking pulled down prices after rising Rs 38 in the last two days. Physical lifting remained lower than arrivals.

In the Vashi market, arrivals were 64-65 truckloads (each 100 bags) and local despatches 58-60 loads.

On Monday, 15-16 mills offered tenders and sold about 38,000-40,000 bags to local traders at Rs 2,950-3,010 (Rs 2,950-3,010) for S-grade and Rs 3,020-3,120 (Rs 3,020-3,120) for M-grade.

On the National Commodities and Derivatives Exchange, sugar July contracts declined by Rs 5 to Rs 3,106 (Rs 3,111), August slipped by Rs 6 to Rs 3,158 (Rs 3,164) and September by Rs 7 to Rs 3,198 (Rs 3,205) till noon.

The Bombay Sugar Merchants Association’s spot rates were: S-grade Rs 3,080-3,141 (Rs 3,069- 3,131) and M-grade Rs 3,172-3,331 (Rs 3,172-3,336). 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).

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