Sugar in bear grip

Bearish trend continued in sugar market on Tuesday on higher selling of old stocks at lower rates amid improved arrivals of new season crop. Arrivals at Vashi market were steady at 58 – 60 truck loads and local dispatches were at 59- 60 truck loads. Inventory at Vashi market remained unchanged. On Monday evening 14– 15 mills sold about 35,000 bags at ₹3,370-3,440 (₹3,380-3,450) for S-grade and 3,440 – ₹3,550 ( ₹3,450-3,570) for M-grade. On Bombay Sugar Merchants Association's spot rates were: (in ₹) S-grade 3,550- 3,682 ( 3,550 – 3,652) and M-grade3,682 – 3,832 (3,640 – 3,852). Naka delivery rates were: (in ₹) S-grade 3,480– 3,520 (3,525 – 3,625) and M-grade 3,570 – 3,670 ( 3,570 – 3,625).