Sugar in bear grip

Sugar prices at the Vashi wholesale market declined by ₹20-30 a quintal on Thursday as demand eased and as producers were selling the sweetener at ₹30-40 lower than the previous day’s close. Higher production, surplus stocks and absence of any export possibilities kept the market flooded with the commodity. Inventory remained stable at 100 -105 truck loads. Freight rates were steady. Arrivals were at 57-58 truck loads and local dispatches were at 55-56 loads. The Bombay Sugar Merchants Association’s spot rates: S-grade ₹2,580-2,751 and M-grade ₹2,672-2,862. Naka delivery rates: S-grade ₹2,575-2,645 and M-grade ₹2,645-2,725.