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The sugar market turned weak on Thursday on slack demand amid availability of ample stocks in the market. On the Vashi wholesale market, spot prices for S-grade on the lower side increased by ₹10, while it was unchanged on the higher side. M-grade dropped by ₹5 on the higher side on lack of demand. Naka and mill tender rates were unchanged. Stockists kept away from building up new inventory due to the onset of monsoon, said an observer.
Arrivals at Vashi market decline to 61-62 truckloads and local offtake was 55-56 loads. On Wednesday evening, 16-17 mills offered tenders and sold 38,000-40,000 bags at ₹2,900-3,000 (₹2,900-3,000) for S-grade and ₹3,000-3,150 (₹3,000-3,150) for M-grade.
Bombay Sugar Merchants Association’s spot rates: S-grade ₹3,035-3,172 (₹3,022-3,172) and M-grade was ₹3,156-3,320 (₹3,156-3,325). Naka delivery rates: S-grade ₹3,000-3,100 (₹3,000-3,100) and M-grade ₹3,100-3,230 (₹3,100-3,230).
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