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Sugar prices extended their bearish trend on Thursday on selling pressure, after taking a breather in the previous session. Spot rates were down by ₹14-17 for S-grade and ₹10-28 for M-grade at the Vashi wholesale market. The moral was weak in the physical market but prices in the futures market rose by ₹33-40 on hopes the government will announce support for the industry. Arrivals at the Vashi market declined to 56-58 truckloads and local offtake was 54-55 loads. On Wednesday evening, 18-20 mills offered tenders and sold 44,000-46,000 bags at a lower price of ₹20 at ₹2,840-2,950 (₹2,860-2,970) for S-grade, and ₹2,950-3,080 (₹2,970-3,100) for M-grade.
Bombay Sugar Merchants Association’s spot rates were: S-grade ₹3,016- 3,145 (₹3,030-3,162) and M-grade ₹3,172-3,285 (₹3,200-3,285).
Naka delivery rates were: S-grade ₹2,930-3,030 (₹2,950 - 3,050) and M-grade ₹3,050-3,180 (₹3,080-3,210).
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