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Sugar prices ruled weak on the Vashi wholesale market on Wednesday as physical demand eased. On the spot, prices dropped by Rs 10-15 a quintal for S-grade and Rs 10-20 for M-grade, as producers continued to sell at lower rates. Naka prices were unchanged. Mill tender rates declined by Rs 10-20 per quintal. The sentiment remained calm but the undercurrent was weak on ample supply, said sources. In the absence of local and upcountry demand, along with bleak chances of exports, the market remained under pressure of higher supply.
Arrivals at the Vashi market declined to 56-57 truckloads (each 100 bags), while local dispatches were 54-55 truckloads. On Tuesday evening, 17-18 mills offered tenders and sold 48,000-50,000 bags at Rs 2,550-2,630 (Rs 2,570-2,650) for S-grade and Rs 2,700-2,830 (Rs 2,700-2,840) for M-grade.
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