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Sugar prices on the Vashi wholesale market declined by ₹10-20 a quintal on Monday due to routine demand and selling pressure. Naka and mill tender rates also dropped by ₹10-20. Prices declined sharply in the domestic futures markets over two per cent on an increase in speculative selling. The sentiment was slightly weak as traders expect the selling pressure to continue for some more time, said sources.
Stockists are under pressure to buy sugar from mills before the due date and routine local retailers demand put pressure on prices. Bleak chances of export led to heavy selling in the domestic futures markets. Arrivals at the Vashi market were around 63-64 truckloads (each 100 bags) and local dispatches were 61-62 loads. On Saturday evening, about 16-17 mills offered tenders and sold 50,000-54,000 bags at ₹10-20 lower at ₹2,980-3,130 (₹3,000-3,140) for the S-grade and ₹3,150-3,300 (₹3,150-3,320) for the M-grade.
The Bombay Sugar Merchants Association’s spot rates were: S-grade ₹3,192-3,292 (₹3,212-3,315), and M-grade ₹3,282-3,472 (₹3,322-3,482). Naka delivery rates were: S-grade ₹3,140-3,250 (₹3,120 - 3,220) and M-grade ₹3,270- 3,400 (₹3,180-3,380).
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