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Sugar prices at Vashi market declined by Rs 8-10 at naka and mill levels due to absence of any announcement regarding exports by the Government.
In the spot market, demand and supply position was at par and volume was at usual level. Undertone of the physical market was weak, said traders.
Mr Jagdish Rawal, a wholesaler, said on Monday that spot sugar rates were down by Rs 10. Under selling pressure, price declined by Rs 8-10 at naka and mill level.
On Saturday, due to Holi festival, there was no offer of tenders by mills but in the sentiment cooled in the absence of any announcement regarding exports.
Mill tender rates were expected lower by Rs 10-15 a quintal. Sections of traders expect a lower free quota for April. For the current month, the free sale quota was 16.84 lakh tonnes.
Mill-level selling pressure may increase towards month-end to exhaust the quota. Freight rates were steady.
On Monday, arrival in the Vashi markets was at 52-54 truckloads (each of 100 bags) and local dispatches were at 49-50 truckloads. Mill tenders were expected in the range of Rs 2,650-2,700 for S grade and Rs 2,700-2,750 for M grade.
Bombay Sugar Merchants Association sugar rates: Spot rates: S grade Rs 2,786-2825 (Rs 2,796-2,836) and M grade Rs 2,828-2,911 (Rs 2,836-2,912).
Naka delivery rates: S grade Rs 2,750-2,780 (Rs 2,760-2,780) and M grade Rs 2,800-2,860 (Rs 2,800-2,870).
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