Selling pressure drags sugar

Sugar prices declined on continuous selling by mills at lower rates on Friday. As a result, prices at mill level declined by ₹80-100 a quintal this week which weighed on spot market where the prices dropped by ₹160-180. Today, sugar prices at the Vashi market lost ₹30-40 as local mills sold the commodity at ₹30-50 lower than previous close. Some mills offered more discount in price but no one was willing to place fresh bulk buys. On Thursday evening, Maharashtra’s 15-16 mills sold hardly 24,000-25,000 bags at ₹2,650-2,720 for S-grade and ₹2,750-2,850 for M-grade. The Bombay Sugar Merchants Association’s spot rates: S-grade ₹2,812-3,045 and M-grade ₹2,920-3,206. Naka delivery rates: S-grade ₹2,800-2,900 and M-grade ₹2,900-3,000. Our Correspondent