Bearish trend continues in sugar

Sugar market continues to be in bear grip on record sugar production thus increasing burden of surplus on producers and forcing them to sell the commodity at low prices. Prices at Vashi declined by ₹10-20 a quintal as Maharashtra mills sold at ₹10- ₹15 lower than previous day’s close. Naka rates were steady. On Tuesday evening, Maharashtra’s 18-20 mills sold about 40,000 bags at ₹2,600-2,700 for S-grade and ₹2,700-2,840 for M-grade. The Bombay Sugar Merchants Association’s spot rates: S-grade ₹2,766-2,972 and M-grade ₹2,860-3,182. Naka delivery rates: S-grade ₹2,750-3,000 and M-grade ₹2,850-3,050.