Sugar falls on ample supply

Sugar prices on the Vashi wholesale market declined for S-grade on the lower side and increased by ₹2 on the higher side. M-grade ruled steady on Wednesday. Naka rates were unchanged with thin activities. Mill tender prices dropped by ₹10 for fair variety but remained steady for fine variety.

Activities were routine as supply from producers were ample. The local demand was need-based, sources said. Sources said that millers are selling continuously while the Vashi market carries ample stocks. Prices in other producing centres ruled at a par with Maharashtra, diverting upcountry demand to the nearest markets. This is forcing mills to sell their produce in local markets.

Arrivals at Vashi market were higher at 61-62 truckloads and local dispatches were 59-60 loads. On Tuesday evening, 17-18 mills offered tenders and sold 58,000-60,000 bags at ₹2,930-₹3,010 (₹2,940-₹3,010) for S-grade and ₹3,050-₹3,170 (₹3,050-₹3,170) for M-grade.

The Bombay Sugar Merchants Association’s spot rates were: S-grade ₹3,092-₹3,222 (₹3,102-₹3,220) and M-grade ₹3,222-₹3,382 (₹3,222-₹3,382).

Naka delivery rates were: S-grade ₹3,020-₹3,150 (₹3,020-₹3,150) and M-grade ₹3,140-3,270 (₹3,140-₹3,270).