Sugar prices ruled weak on Monday on slack local demand amid normal supply. On the Vashi wholesale market spot prices dropped by ₹10-20 a quintal for normal quality and rose by ₹10-20 for fine variety. Naka rates were down ₹10-20 on increased pressure for lifting the commodity before month-end. Producers sold commodity at ₹10-30 lower on lower demand. Sentiment was weak, said sources.

Jagdish Rawal, a trader, told Business Line : “Due to month-end slack demand and sufficient stocks available at market level stockists’ buying remained need-based.

Pressure on stockists for lifting commodity from mills before month-end due date also weigh. Those who don’t have a capacity sold sugar at lower rates in naka trades. Vashi market carries about 115-120 truckloads of inventory.”Arrivals at Vashi market were around 62-63 truckloads ( of 100 bags each) and the local dispatches were 60- 62 loads. On Saturday evening, about 19-20 mills offered tenders and sold 45,000-48,000 bags at ₹3,000-3,100 (₹3,030-3,130) for S-grade and ₹3,150-3,320 (₹3,160-3,320) for M-grade.

Bombay Sugar Merchants Association’s spot rates were: S-grade ₹3,212-3,312 (₹3,182-3,350) and M-grade was ₹3,346-3,492 (₹3,300-3,482). Naka delivery rates were: S-grade ₹3,150-3,250 (₹3,170-3,260) and M-grade ₹3,252-3,350 (₹3,260-3,400).

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