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Sugar prices on the Vashi wholesale spot market declined by ₹10-20 a quintal on Monday on hand-to-mouth local buying amid bearish futures markets. On the NCDEX, futures dropped over ₹30 on short selling by speculators, tracking cold weather and unseasonal rains in many parts of the country. Naka and mill tender rates were unchanged with routine volume. Sources said that local offtake was need-based and slightly lower as demand eased, pulling down prices by ₹10-20. Arrivals were higher and resulted in inventory rising. Currently, inventory in the Vashi market is 120–125 truckloads. Producers are continuously selling after prices topped ₹3,000 level. In other producing centres, prices remained under pressure. Freight rates were steady. Over all activities were routine, keeping sentiments steady, sources said.
Arrivals at Vashi market were around 64-65 truckloads (100 bags each) and the local despatches were 58-60 loads. On Saturday, about 18-20 mills offered tenders and sold 54,000–55,000 bags at ₹3,090-3,160 (₹3,100-3,160) for S-grade and ₹3,150-3,330 (₹3,150-₹3,330) for M-grade.
Bombay Sugar Merchants Association’s spot rates were: S-grade ₹3,202-3,355 (₹3,222-3,370) and M-grade was ₹3,332-3,502 (₹3,350-3,512).
Naka delivery rates were: S-grade ₹3,180-3,230 (₹3,180-3,230) and M-grade ₹3,280-3,400 (₹3,280-3,400).
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