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Sugar prices declined by ₹20 a quintal on the Vashi wholesale market on Monday on need-based local demand. Naka prices were unchanged, while mill tender rates dropped by ₹10-30. Futures also dropped in the absence of support in the form of physical demand. A wholesaler told Business Line , “fear of the new Government giving priority to curb rising food prices and usual lower demand kept activities need-based and volume thin. Local lifting was at a par with arrivals but considering continuous selling by producers in local markets, in absence of upcountry or export demand, supply will be ample and prices will be under pressure.”
Arrivals at Vashi market were around 60-62 truckloads (of 100 bags each) and the local dispatches were 59-60 loads. On Saturday evening, about 19-20 mills offered tenders and sold 53,000-54,000 bags at ₹2,960-3,100 (₹2,970-3,130) for S-grade and ₹3,090-3,250 (₹3,120-3,280) for M-grade.
Bombay Sugar Merchants Association’s spot rates: S-grade ₹3,132-3,282 (₹3,152-3,282) and M-grade was ₹3,282-3,452 (₹3,202-3,472). Naka delivery rates: S-grade ₹3,100-3,170 (₹3,100-3,170) and M-grade ₹3,200-3,350 (₹3,200-3,350).
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