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Sugar prices declined by ₹5-8 a quintal on the Vashi wholesale market on slack demand. Stockists stayed away from fresh bulk buying due to election results amid low retail demand. Adequate stocks available in the market also kept traders at bay. Naka and mill tender rates were unchanged.
Sources said that morale was weak as traders believe that demand could not improve before the start of new month. Producers are continuously selling resulting in ample supply in the market. Sufficient carryover stocks of 115-120 truckloads in Vashi market and limited retail demand kept activities subdued. Freight rates were steady. Arrivals om Vashi market were about 55-56 truckloads (of 100 bags each) and the local dispatches were 50-52 loads. On Thursday evening, about 16-17 mills offered tenders and sold hardly 38,000-40,000 bags at ₹2,950-3,060 (₹2,950-3,060) for S-grade and ₹3,050-3,200 (₹3,050-3,200) for M-grade.
Bombay Sugar Merchants Association’s spot rates were: S-grade ₹3,125-3,271 (₹3,126-3,270) and M-grade was ₹3,252-3,426 (₹3,192-3,432). Naka delivery rates were: S-grade ₹3,060-3,120 (₹3,060-3,120) and M-grade ₹3,160-3,300 (₹3,160-3,300).
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