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Sugar prices on the Vashi market declined further by ₹10-15 a quintal due to higher supply and continuous selling by producers who are suffering from heavy surplus inventory and selling desperately. Morale was weak, said sources.
An observer said that mills in Maharashtra sold the commodity at ₹10-20 lower to ease stocks which pulled down prices in physical markets. Limited demand at producing level kept freight rates steady.
Arrivals were at 60-61 truck loads and local dispatches were about 56-57 loads. On Wednesday evening, about 18-19 mills offered tenders and sold about 34,000-35,000 bags at ₹2,150-2,300 (2,170-2,320) for S-grade and ₹2,250-2,440 (2,260-2,440) for M-grade.
The Bombay Sugar Merchants Association’s spot rates: S-grade ₹2,312-2,515 (2,322-2,521) and M-grade ₹2,436-2,660 (2,460-2,660). Naka delivery rates: S-grade ₹2,250-2,350 (2,250-2,350) and M-grade ₹2,400-2,560 (2,400-2,560).
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