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Sugar prices declined by ₹10-20 a quintal at naka and mill level on Thursday due to slack demand and higher selling. Pressure on stockists to lift the commodity from mills kept demand at bay. On the Vashi wholesale spot market, prices rose by ₹30 lower side on higher offtake of fair variety. Maharashtra’s mills sold higher quantity compared to the previous day. A Vashi-based wholesaler said, “increased lifting pressure on stockists kept them away from fresh buying and higher reselling by some of them led to sharp decline in naka rates. Producers also sold sugar at lower rates to keep pace with market trend and manage financial liquidity on hand. The Vashi market currently carries about 115- 120 truckloads of stocks.”
Arrivals continued to be over 63-64 truckloads and local dispatches were lower at 58-60 loads. On Wednesday evening, 14-16 mills offered tenders and sold about 65,000-70,000 bags at ₹10-30 lower at ₹2,960-3,040 (₹2,990-3,050) for S-grade and by drop of ₹10 at ₹3,100-3,200 (₹3,100-3,210) for M-grade.
Bombay Sugar Merchants Association’s spot rates: S-grade ₹3,142-3,202 (₹3,112-3,222) and M-grade ₹3,250-3,382 (₹3,216-3,382). Naka delivery rates: S-grade ₹3060-3,140 (₹3,075-3,170) and M-grade ₹3,170-3,290 (₹3,175-3,290).
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