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Prices of sugar February and March contracts dropped by over 20 a quintal on Monday on rising supplies. Rates on the Vashi wholesale market declined by 10 as mills continued selling. Due to month-end, the physical demand was slack. Ample stocks (of about 115-120 truckloads) in the market keep stockists away from fresh buying. Arrivals at the Vashi market declined to 58-60 truckloads (100 bags each), while local dispatches were 56-57 loads.
The Bombay Sugar Merchants Association's spot rates were: S-grade L2,711-L2,825 (L2,722-L2,825) and M-grade L2,832- 2,972 (L2,842 -2,962).
Naka delivery rates were: S-grade L2,600 -2,780 (L2,600-2,780) and M-grade L2,770 - 2,915 (L2,770 – L2,915).
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