Sugar prices on the Vashi market dropped by ₹20-25 a quintal on Monday on the back of producer’s selling at lower price amid routine local demand despite the festival season beginning. Naka rates were unchanged after Saturday’s sharp decline. Mill tender rates were down by ₹10.

Sources said that as supply is ample, millers are continuously selling in domestic markets in the absence of upcountry and overseas demand. New crushing season is expected to start from next month and ahead of the new season, mills want to ease burden of old stocks as early as possible by keeping the sell tender offer open. Needy producers are selling the commodity at lower rates putting pressure on sentiments. Traders expect local sugar demand to pick-up in the coming days ahead of key festivals. Arrivals were 61-62 truck loads and local dispatches improved to 59-60 truck loads. On Saturday, about 15-17 mills offered tenders and sold 48,000-50,000 bags at ₹2,850-2,940 (₹2,850-2,940) for S-grade and ₹2,950-3,050 (₹2,950-3,060) for M-grade.

The Bombay Sugar Merchants Association’s spot rates: S-grade ₹3,036-3,122 (₹3,042-3,152) and M-grade ₹3,136-3,305 (₹3,136-3,332). Naka delivery rates: S-grade ₹2,940-3,000 (₹2,940-3,000) and M-grade ₹3,000-3,140 (₹3,000-3,140).

Related Topics