Sugar prices on the Vashi market dropped sharply on Friday on continuous selling by producers. Some needy mills sold sugar at lower price to maintain financial liquidity. In Vashi market prices declined by Rs 30-50 a quintal as stockists offloaded fair quality old stock at lower prices tracking millers selling sentiment.
Jagdish Rawal, a wholesaler said, “Continuous selling by mills in local markets and routine retail demand continue to weigh on overall sentiment. As supply is ample and market carries sufficient inventory stocks in absence of neighbouring States buying in Maharashtra, stockists keep away from fresh buying risk. Expectation of demand revival with rise of temperature also is not happening till now”.
In Vashi market, arrivals were 62-63 truck loads (each of 100 bags) and local dispatches were 60-61 truck loads. On Thursday evening, about 18-20 mills sold 48,000-50,000 bags to local traders at Rs 3,020-3,080 (Rs 3,040-3,090) for S-grade and Rs 3,120-3,220 (Rs 3,130-3,230) for M-grade.
Bombay Sugar Merchants Association's spot rates: S-grade Rs 3,166-3,262 (Rs 3,196-3,262) and M-grade Rs 3,272-3,421 (Rs 3,242- 3,446). Naka delivery rates: S-grade Rs 3,095-3,140 (Rs 3,140-3,160) and M-grade Rs 3,150-3,300 (Rs 3,200-3,340).