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Increased selling pressure from producers for old stocks pulled down spot sugar prices on the Vashi market by ₹15-20 a quintal at the lower side while new stocks ruled steady. On routine and need-based demand, Maharashtra’s mills sold the commodity at ₹30-40 discount for old stocks. Naka rates were unchanged. Sources said arrivals and local dispatches remained normal. Enough stocks kept traders away from taking big risk. Continuous supply from producers and higher production kept prices under pressure and sentiment weak. Poor upcountry and export demand is adding further pressure. Arrivals at Vashi market were routine 60-61 truck loads and local dispatches were 58-60 loads. On Monday about 23-25 mills offered tenders and sold 54,000-55,000 bags at ₹2,490-2,650 (₹2,530-2,650) for S-grade and ₹2,620-2,780 (₹2,650-2,790) for M-grade.
The Bombay Sugar Merchants Association’s spot rates: S-grade ₹2,650-2,762 (₹2,665-2,762) and M-grade ₹2,762-2,942 (₹2,782-2,942). Naka delivery rates: S-grade ₹2,610-2,680 (₹2,610-2,680) and M-grade ₹2,700-2,870 (₹2,700-2,870).
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