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Sugar prices declined by ₹50-60 a quintal on the Vashi wholesale market due to increased selling pressure by producers, who offered huge discounts. Naka prices were lower by ₹30-50. A Vashi-based wholesaler said that on the spot, the volume remained under pressure due retail demand eased. At the upper level, in absence of sufficient buying support from stockists due to ample inventories available with them and increased selling pressure from producers, prices fell sharply. Stockists are under pressure to fulfil commitments . Vashi market carries about 115-120 truckloads of stocks. Freight rates were unchanged. Arrivals at Vashi market were around 59-60 truckloads (of 100 bags each) and the local dispatches were 57-58 loads. On Tuesday evening 13 – 14 mills offered tenders and sold about 20,000 – 25,000 bags at Rs 3,060 - 3,100 (Rs 3,100 -Rs 3,200) for S-grade and Rs 3,160 - Rs 3,250 (Rs 3,250 - Rs 3,300) for M-grade.
Bombay Sugar Merchants Association’s spot rates were: S-grade ₹3,172-3,380 (₹3,212-3,402) and M-grade was ₹3,326-3,502 (₹3,340-3,552). Naka delivery rates were: S-grade ₹3,070-3,170 (₹3,120-3,200) and M-grade ₹3,230-3,350 (₹3,200-3,370).
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