Sugar market ruled steady despite increase in local offtake on the back of rising mercury. Millers are continuously offloading the commodity in local markets in absence of upcountry/export demand which kept prices under check. On the Bombay Sugar Merchant Association, S-grade dropped by Rs.10-12 a quintal while M-grade weakened by Rs.4-5. Naka rates jumped by Rs.30-40 for S-grade and lost Rs.20 for M-grade. Mill tender prices were unchanged.

Arrivals were at 61-62 truck loads and local dispatches were about 59-60 loads. About 22-23 mills offered tenders and sold 54,000-55,000 bags at Rs.2,280-2,420 (2,280-2,420) for S-grade and Rs.2,420-2,570 (2,420-2,570) for M-grade.

The BSMA spot rates: S-grade Rs.2,450-2,595 (2,462-2,595) and M-grade Rs.2,532-2,742 (2,536-2,706). Naka delivery rates: S-grade Rs.2,400-80 (2,360-2,450) and M-grade Rs.2,430-2,600 (2,450-2,600).

Source :-Business Line