Bearish trend in sugar

Bearish trend prevailed in sugar market on the back of higher stocks. . Prices at Vashi dropped by ₹15-20 a quintal as producers sold the commodity at ₹20-30 lower than previous day evening. Naka rates were down by ₹20. In physical market arrivals at Vashi were 60-62 truck loads and local dispatches were at 60-61 loads. On Wednesday evening, about 18 mills sold about 40,000 bags at ₹2,830-2,900 for S-grade and ₹2,930-3,040for M-grade. The Bombay Sugar Merchants Association’s spot rates: S-grade ₹3,035-3,152 and M-grade ₹3,132-3,332. Naka delivery rates: S-grade ₹2,960-3,030 and M-grade ₹3,050-3,130.