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Sugar prices declined by over ₹20 and ruled steady on the lower end on less than expected local offtake. Producers continued selling in local markets in absence of buying from neighbouring States as prices are ruling on par with Maharashtra diverting demand to nearby areas. Naka and mill tender rates were unchanged. According to traders, as Vashi market’s traders are carrying enough stocks and supply from mills are ample, stockists kept away from building up more stocks. On export front also recovery in rupee in recent times has made exports uncompetitive.
Arrivals at Vashi market were 57-58 truck loads (of 100 bags each) and the local dispatches were 54-55 truck loads. On Thursday, 14-15 mills managed to sell hardly 38,000-40,000 bags at ₹2,930-3,000 (₹2,930-3,000) for S-grade and ₹3,030-3,150 (₹3,050-3,150) for M-grade.
Bombay Sugar Merchants Association’s spot rates: S-grade ₹3,092-3,196 (₹3,100-3,222) and M-grade was ₹3,202-3,382 (₹3,200-3,412). Naka delivery rates: 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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