Sugar spot market reflected weak sentiments during Wednesday’s trade where the spot prices of sugar eased further in the major trading centers like Delhi, Muzaffarnagar on lack of demand, while the spot prices of Kolkata remained steady on quiet demand. Persistent supply from mills also impacted the market negatively. At current price levels, Stockists are in no hurry to buy, as they know well that during the current year prices are unlikely to witness any major uptrend due to oversupply both domestically and globally.

Wheat prices remained lower in majority of domestic markets on stockists selling amidst poor demand. Lower wheat products demand due to higher prices restricted roller flour millers from purchasing wheat from open market. At Delhi, Wheat dara for mills decreased at Rs.1010/qtl on selling pressure from stockists following increased supplies. Arrivals remained steady at higher levels around 8,000-10,000 bags. Significant volume of wheat has started arriving in market yards of Gujarat. Winter rains in northern India have raised hopes of higher wheat production. In Rajkot, the fresh arrivals reported at 3,000 bags per day and price remained steady at Rs.1040-1050. The traders from M.P. mandis expected some fresh arrivals during mid February. The demand from South India continues to remain poor.

The guar spot markets witnessed bearish sentiments during Wednesday’s trade. The arrivals at the major physical markets are reported to be steady at around 15000-16000 bags. Arrivals stood steady at 1200 bags in Bikaner and 200 bags in Nokha. With a steady arrival, the prices of guar at the physical markets remained on the lower side. Moreover, the downward trend in the futures market has also influenced spot market sentiments. Despite a lower price, activity was limited at the physical markets with sellers being inactive at the lower levels. Traders are expecting a quick recovery in guar prices, as export activity is likely to pick up in coming days.