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Sugar market witnessed a bearish trend on Wednesday. Spot prices on the Vashi market declined by ₹6-20 a quintal tracking weak mill tender rates amid sharp drop of over ₹23 on futures markets. Naka prices were unchanged. Producers sold old stocks at ₹10-20 lower on limited offtake. Morale was weak, said sources.
According to sources, due to need-based local demand the activities remained subdued. In absence of upcountry demand producers sold the commodity in local markets resulting in enough supply. Currently market is passing through over supply situation, sources said.
Arrivals at Vashi market declined to 54-55 truck loads (of 100 bags each) and the local dispatches were 50-52 truck loads. On Tuesday, 18-20 mills offered tenders and sold hardly 34,000-35,000 bags at ₹2,930-3,020 (₹2,950-3,020) for S-grade and ₹3,050-3,150 (₹3,050-3,160) for M-grade.
Bombay Sugar Merchants Association’s spot rates: S-grade ₹3,100-3,245 (₹3,112-3,251) and M-grade was ₹3,236-3,396 (₹3,242-3,416). Naka delivery rates were: S-grade ₹3,060-3,130 (₹3,060-3,130) and M-grade ₹3,170-3,270 (₹3,170-3,270).
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