Sugar prices on the Vashi wholesale spot market declined by another ₹10-14 a quintal on Thursday on slack demand amid ample supply. Naka rates were unchanged while millers sold S-grade at ₹10 lower to ease inventory burden.
A trader said that need-based demand in the physical market, continuous supply from mills and a ₹5 drop in freight rates cooled prices. Arrivals were at 60-61 truckloads while local dispatches remained lower at 57-58 loads. On Wednesday, about 17-18 mills offered tenders and sold 44,000-45,000 bags at ₹2,760-2,880 (₹2,770-2,890) for S-grade and ₹2,880-3,000 (₹2,880-3,000) for M-grade.
The Bombay Sugar Merchants Association's spot rates: S-grade ₹2,916-3,042 (₹2,930-3,046) and M-grade ₹3,022-3,185 (₹3,032-3,185). Naka delivery rates: S-grade ₹2,860-2,970 (₹2,860-2,970) and M-grade ₹2,950-3,090 (₹2,950-3,090).
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