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Sugar prices ruled weak on Tuesday tracking a ₹100 drop in the domestic futures market. Due to this, fair quality sugar was sold at the naka level at ₹100-120 lower on Tuesday. However, in Vashi, the drop in spot prices was limited to ₹10-20 on the heels of similar drop in mills rate. Ample stocks at the Vashi market kept stockists away from fresh bulk buying, said sources. Arrivals at the Vashi market were around 63-64 truckloads (each 100 bags) and local dispatches were 60-61 loads. On Monday evening, about 13-14 mills offered tenders and sold 38,000-40,000 bags at ₹10-20 lower at ₹2,970-3,130 (₹2,980-3,130) for S-grade, and ₹3,120-3,280 (₹3,150-3,300) for M-grade.
The Bombay Sugar Merchants Association’s spot rates were: S-grade ₹3,192-3,292 (₹3,192-3,292) and M-grade ₹3,282-3,472 (₹3,282-3,472).
Naka delivery rates were: S-grade ₹3,090-3,150 (₹3,140-3,250), and M-grade ₹3,150-3,300 (₹3,270-3,400).
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