Sugar prices on the Vashi wholesale market declined by Rs 10-15 a quintal on Monday.
Stockists offloaded old stocks at lower rates as demand eased.
Activities at Naka remained routine keeping prices unchanged.
Mills sold sugar lower by Rs 5-10. Freight rates were steady with routine arrivals and dispatches.
Farmers’ agitation for higher cane price is keeping players in the futures market interested, said traders.
Sources said that all are eying the progress in talks on sugarcane pricing as farmers are seeking a higher price for cane.
Jagdish Rawal of B. Bhogilal &Co said: “Continuous supply from producers kept sugar prices under check. The world sugar market is also bearish erasing any chance of sugar exports from India in the near-term. The Vashi market carries about 120 truckloads of inventory forcing stockists to have new commitments need-based,” he said.
Sources said that arrivals in Vashi market were 59-60 truckloads (of 100 bags each) while local dispatches were 58-59 loads.
On Saturday, about 14-15 mills offered tenders and sold 38,000-40,000 bags at Rs 2,690-2,790 (Rs 2,700-2,810) for S-grade and Rs 2,810-3,010 (Rs 2,830-3,010) for M-grade.
Bombay Sugar Merchants Association's spot rates were: S-grade Rs 2,846-2,971 (Rs 2,862-2,971) and M-grade Rs 3,002-3,222 (Rs 3,011-3,222).
Nakadelivery rates were: S-grade Rs 2,810-2,900 (Rs 2,810-2,900) and M-grade Rs 2,900-3,130 (Rs 2,900-3,130).
Uttar Pradesh rates were: Muzzafarnagar Rs 3,200.
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