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Sugar prices on the Vashi wholesale spot market extended their loss further by ₹10 on Tuesday following slack retail demand. Naka rates were slid by ₹10-30 a quintal as fair quality was sold at a lower price. Mill tender rates declined by ₹30-40 for S-grade and ₹10 for M-grade. A wholesaler said that local demand remained thin, while supply was ample. The Vashi market carries about 115-120 truckloads of inventory keeping stockists away from fresh bulk buying. On the other hand, absence of support from exporters are forcing producers to sell their commodity in local markets. Freight rates were steady. Arrivals at Vashi market were around 62-63 truckloads (of 100 bags each) and the local dispatches were 59-60 loads. On Monday evening, about 14-15 mills offered tenders and sold 45,000-48,000 bags at ₹3,060-3,120 (₹3,090-3,160) for S-grade and ₹3,140-3,320 (₹3,150-3,330) for M-grade.
Bombay Sugar Merchants Association’s spot rates were: S-grade ₹3,202-3,346 (₹3,202-3,355) and M-grade was ₹3,322-3,492 (₹3,332-3,502). Naka delivery rates were: S-grade ₹3,150-3,220 (₹3,180-3,230) and M-grade ₹3,240-3,420 (₹3,280-3,400).
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