Sugar prices continued to decline on hand-to-mouth local demand amid continuous supply from producers on Wednesday. On the Vashi wholesale market, spot rates declined by ₹20-25 a quintal, tracking a sharp drop in naka prices which dipped by ₹40-50. Millers sold the commodity ₹10-20 lower through tender offer on Tuesday evening as demand was lower than expected. Sources said that ample stocks in the market, continuous supply from mills and need-based local demand kept the volume routine. Producers and stockists were keen to offload old stock at lower price. On export front, lower-than-expected demand diverted supply in local markets.Arrivals at Vashi market were around 62-63 truckloads (100 bags each) and the local dispatches were 58-60 loads. On Tuesday evening, about 16-17 mills offered tenders and sold 54,000-55,000 bags at ₹3,020-3,100 (₹3,060-3,120) for S-grade and ₹3,130-3,300 (₹3,150-3,330) for M-grade.
Bombay Sugar Merchants Association’s spot rates were: S-grade ₹3,182-3,346 (₹3,202-3,346) and M-grade was ₹3,300-3,486 (₹3,322-3,492). Naka delivery rates were: S-grade ₹3,150-3,180 (₹3,150-3,220) and M-grade ₹3,200-3,370 (₹3,240-3,420).
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