The sugar market was mixed at Vashi on Friday. Sugar S-grade declined by Rs 10 a quintal on higher liquidation by stockists, while the M-grade increased by Rs 10 as selling pressure eased.
Naka rates for M-grade declined by Rs 20.
Tender rates dropped by Rs 10-15 on continuous selling by producers.
Demand in physical market was slightly weak due to middle month but traders were positive about improvement in retailers demand from next week ahead of Navratri and Dasara.
A Vashi-based wholesaler said ample supply from mills continued in the market which led to inventory building . There is no lifting pressure on stockists now.
He said that as mills tender rates dropped, prices at upper level is expected to stabilise current level.
In Vashi market, spot prices have declined by Rs 90-100 and at mill level they have slid by Rs 100-150 a quintal this month.
In Vashi market, arrivals were about 68-70 truckloads (each of 100 bags of quintal each) and local dispatches were about 65-66 loads.
On Thursday, about 16-17 mills offered tenders and sold 78,000 – 80,000 bags (each of 100 kg) to the local traders in the range of Rs 3,340-3,430 (Rs 3,360-3,430) for S-grade and Rs 3,440-3,540 (Rs 3,450 - 3,550) for M-grade.
The Bombay Sugar Merchants Association's spot rates: S-grade Rs 3,512 – Rs 3,541 (Rs 3,522 – Rs 3,581) and M-grade Rs 3,572- 3,701 (Rs 3,562- 3,701).
Nakadelivery rates: S-grade Rs 3,480 -3,510 (Rs 3,470 -3,520) and M-grade Rs 3,520-3,620 (Rs 3,540-3,640).