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Barring the spot market, sugar prices at the Naka and mill level continued on a steady trend on Friday. At Vashi, spot rates decline by ₹10-30 on limited local demand.
Mills selling on expected higher sugar production this year, heavy carryover stocks of last year, sombre festival season, decline in per capita purchasing power and reduced demand have kept sentiments in the sugar market stable-to-weak since the last few months, sources said.
Arrivals at Vashi were about 30-32 truckloads (each of 10 tonnes) and local dispatches were at the same level. On Thursday evening, 14-15 mills offered tenders and sold about 28,000-30,000 bags at ₹3,110-3,170 (₹3,110-3,170) for the S-grade and ₹3,200-3,270 (₹3,200-3,270) for the M-grade.
Bombay Sugar Merchants Association’s spot rates (₹/quintal): S-grade ₹3,250-3,322 (₹3,260-3,334) and M-grade ₹3,330-3,462 (₹3,362-3,466).
Naka delivery rates (₹/quintal): S-grade ₹3,210-3,260 (₹3,210-3,260) and M-grade ₹3,290-3,360 (₹3,290-3,360).
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