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Sugar prices are seen range-bound on selling pressure on pick up in production and weak overases markets. At Vashi, naka rates rebounded by ₹30-50 per quintal, lifting the spot rates by ₹10-15 for the new produce. Stockists sold the old stocks at discounted rates. Sources said prices were likely to remain range bound between ₹3,300-3,500 levels. Bombay Sugar Merchants Association’s spot rates were: S-grade ₹3,336-3,480 (₹3,322-3,500) and M-grade ₹3,430-3,680 (₹3,460-3,700). Naka delivery rates were: S-grade ₹3,350-3,450 (₹3,300-3,450) and M-grade ₹3,400-3,600 (₹3,370-3,550).
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