Selling pressure drags sugar

Sugar prices at the Vashi market declined by ₹5-8 a quintal on Monday as selling pressure continued. Naka rates were steady. Producers sold the commodity ₹5-7 higher or lower as per quality with routine volume. Freight rates ruled flat after recent rise. Inventory at Vashi remained stable at 105-110 truck loads. As festival demand in bulk and in retail got over, morale was cautious. Stockists preferred to have need-base fresh buys, said sources. Sources said prices at upper level ruled range-bound with thin volatility and ruled weak in Vashi due to need base local demand. Arrivals at Vashi were 61-62 truck loads and local dispatches were at 59- 60 truck loads. On Saturday evening 17-18 mills offer tenders and sold about 50,000 bags at ₹3,520-3,580 ( ₹3,520-3,580) for S-grade and ₹3,620-3,680 (₹3,620-3,680) for M-grade. On Bombay Sugar Merchants Association's spot rates were: (in ₹) S-grade 3,656-3,750 (3,656 – 3,760) and M-grade 3,746 – 3,942 (3,766 – 3,942). Naka delivery rates were: (in ₹ ) S-grade 3,640 – 3,710 ( 3,640 – 3,710) and M-grade 3,680 – 3,810 (3,680 – 3,810).