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After the lockdown, Cyclone Nisarg paralysed Mumbai on Wednesday, resulting in the closure of Vashi APMC markets, including the sugar market.
Sugar prices were steady at all levels even without any activities. It dropped by ₹10-20 the previous day on higher selling pressure.
Sources said mills carried heavy unsold stocks due to very limited local demand. They are willing to sell surplus stocks at prevailing rates to manage finance. Overall prices and market was under pressure due to the mills selling.
Sources said 14-15 mills offered tenders and sold12,000-15,000 bags at ₹3,100-3,170 of S-grade and ₹3,180-3,260 ofM-grade on Tuesday evening.
At Vashi, nominal spot rates were: S-grade ₹3,270-3,340 and M-grade ₹3,340-3,500. Nominal naka rates were: S-grade ₹3,200- 3,240 and M-grade ₹3,230-3,340.
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