Sugar prices on the Vashi spot market dropped by Rs 6-10 a quintal on regular supply from producers and slack demand. Naka rates witnessed a mixed trend with S-grade declining Rs 10, while M-grade inched up by Rs 10. Mill tender rates were down by Rs 5-10 as producers continued selling. Need-based local demand and bearish futures kept morale weak in physical market, said traders.

Jagdish Rawal of B. Bhogilal & Co., said: “Activities remained calm at market and mill level as local demand was need-based due to month-end. Producers were eager to sell as financial year closing comes nearer. Despite Holi festival next week, retail offtake has not picked up as expected. Higher and continuous supply from mills resulted in building up sufficient stocks in Vashi markets. Market carries more than 120 truckloads of stocks and hence stockists keep away from fresh bulk buying,” he said.

On the NCDEX, sugar April futures were down by Rs 11 to Rs 3,017 , May contracts dropped by Rs 13 to Rs 3,058 and June was lower by Rs 17 to Rs 3,132 till noon. In Vashi market, arrivals were 63-64 truckloads (each of 100 bags) and local dispatches were 60-62 loads. On Monday evening, about 18-20 mills sold about 47,000-48,000 bags to local traders in the lower range of Rs 2,995-3,050 (Rs 3,000-3,060) for S-grade and Rs 3,090-3,200 (Rs 3,100-3,200) for M-grade.

The Bombay Sugar Merchants Association's spot rates: S-grade Rs 3,136-3,221 (Rs 3,142-3,221) and M-grade Rs 3,226-3,391 (Rs 3,226- 3,401).

Nakadelivery rates: S-grade Rs 3,090-3,130 (Rs 3,100-3,130) and M-grade Rs 3,180-3,280 (Rs 3,170-3,270).

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