Sugar prices continued their bearish trend on Monday as few producers sold the commodity with discount on Saturday evening to ease stock burden amid limited demand. At Mill level prices dropped by ₹20-40 a quintal which pulled down spot rates by ₹20-30. Naka rates were steady. Other mills continued selling at lower rates which kept stockists away from fresh bulk buying. However, in the last few days,inventory has come down from 115-120 truck loads to about 100 loads now. But ample supply continues to weigh on volumes.
Arrivals remained stable at 57-58 truck loads and local dispatches were about 57-58 loads. On Saturday evening, about 19-20 mills offered tenders and sold about 43,000-44,000 bags at ₹2,070-2,200 (2,100-2,250) for S-grade and ₹2,220-2,350 (2,220-2,370) for M-grade.
The Bombay Sugar Merchants Association’s spot rates: S-grade ₹2,242-2,431 (2,242-2,461) and M-grade ₹2,340-2,632 (2,362-2,632). Naka delivery rates: S-grade ₹2,200-2,270 (2,200-2,270) and M-grade ₹2,310-2,470 (2,310-2,470).