Sugar prices on the Vashi wholesale spot market declined by another Rs.10-14 a quintal on Thursday on slack demand amid ample supply. Naka rates were unchanged while millers sold S-grade at Rs.10 lower to ease inventory burden.

A trader said that need-based demand in the physical market, continuous supply from mills and a Rs.5 drop in freight rates cooled prices. Arrivals were at 60-61 truckloads while local dispatches remained lower at 57-58 loads. On Wednesday, about 17-18 mills offered tenders and sold 44,000-45,000 bags at Rs.2,760-2,880 (Rs.2,770-2,890) for S-grade and Rs.2,880-3,000 (Rs.2,880-3,000) for M-grade.

The Bombay Sugar Merchants Association's spot rates: S-grade Rs.2,916-3,042 (Rs.2,930-3,046) and M-grade Rs.3,022-3,185 (Rs.3,032-3,185). Naka delivery rates: S-grade Rs.2,860-2,970 (Rs.2,860-2,970) and M-grade Rs.2,950-3,090 (Rs.2,950-3,090).

Source :-Business Line