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Increased selling pressure from mills led by new production amid slack demand pulled down sugar prices on Thursday. In Maharashtra, producers sold the commodity at ₹20-25 a quintal lower compared to the previous day while on the Vashi spot market rates were down ₹20-25. Naka rates too were down ₹25-50.
Prices in other centres ruled at par with Maharashtra forcing producers here to offload their stocks at local level. Export chances are almost nil due to lower world market prices. Sugar production in current year (2014-15) is also expected higher than the domestic demand putting more pressure on producers who are already carrying huge inventory.
Arrivals to the Vashi market were at 62-63 truck loads while local dispatches were at 60-61 truck loads. On Wednesday, about 19-20 mills offered tenders and sold 54,000-55,000 bags at ₹2,625-2,730 (₹2,650-2,750) for S-grade and ₹2,740-2,860 (₹2,750-2,880) for M-grade.
The Bombay Sugar Merchants Association’s spot rates: S-grade ₹2,782-2,872 (₹2,802-2,882) and M-grade ₹2,910-3,082 (₹2,916-3,132). Naka delivery rates: S-grade ₹2,710-2,820 (₹2,745-2,800) and M-grade ₹2,830-2,950 (₹2,855-3,000).
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