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Sugar prices on the Vashi market dropped further by ₹5-10 a quintal on Friday on routine offtake due to month-end. Supply from millers continued to be ample. Enough stocks at market kept stockists away. Naka rates were down by ₹10-20 while mill tender rates eased by ₹10-15.
Sources said that producers are selling at prevailing rates as new crushing activities have started and on hopes of higher production for fifth consecutive year. Prices in other States are ruling at par with Maharashtra keeping upcountry demand away from here forcing local mills to sell in local markets. Arrivals were at 58-60 truck loads while local dispatches remained lower at 56-57 truck loads. On Thursday, about 16-18 mills offered tenders and sold 47,000-48,000 bags at ₹2,760-2,870 (₹2,760-2,880) for S-grade and ₹2,860-3,000 (₹2,880-3,000) for M-grade.
The Bombay Sugar Merchants Association’s spot rates: S-grade ₹2,912-3,035 (₹2,916-3,042) and M-grade ₹3,012-3,185 (₹3,022-3,185). Naka delivery rates: S-grade ₹2,840-2,950 (₹2,860-2,970) and M-grade ₹2,970-3,070 (₹2,950-3,090).
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