Sugar prices were mixed on Wednesday. On the Vashi wholesale spot market, M-grade recovered marginally by Rs 10 for a quintal, while S-grade ruled steady.

Naka and mill tender rates were unchanged on routine business at retail and mill-level.

Stockists and mills seem to be selling old stocks to reduce the burden. The sentiment was dull due to month-end, said traders.

Sources said: “There were no fresh tenders from mills due to holidays. Very few producers have offered the commodity but slack demand at all levels kept overall volume low with producers.

Vashi market currently carries stocks of about 110-120 truckloads and hence stockists are not very keen to build up more.”

Sugar prices in Uttar Pradesh dropped by Rs 20-30 on Wednesday in absence of fresh buying inquiry.

Bearish trend also prevailed in other main producing States. In Maharashtra, lack of demand from neighbouring States since long forced millers to sell in local markets.

Due to their continuous selling, tender rates have already dropped by Rs 100-150 till now.

Free sale quota of 70 lakh tonnes for December-March is sufficient.

In Vashi market, arrivals were 61-62 truckloads (each of 100 bags) while dispatches were 60-62 loads.

On Tuesday, merely 4-5 mills offered tenders and sold 8,000-10,000 (each of 100 kg) bags to the local traders at price of Rs 3,150-3,220 (Rs 3,150-3,220) for S-grade and Rs 3,230-3,340 (Rs 3,230-3,340) for M-grade.

Bombay Sugar Merchants Association's spot rates: S-grade Rs 3,282-3,376 (Rs 3,386-3,371) and M-grade Rs 3,362-3,541 (Rs 3,352-3,541).

Nakadelivery rates were: S-grade Rs 3,235-3,270 (Rs 3,235-3,270) and M-grade Rs 3,330-3,430 (Rs 3,330-3,430).

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