Sugar caught in bear grip

Delivery orders reselling by wholesalers amid producer’s selling pressure kept sugar prices at Vashi down by ₹15-25 on Thursday. Naka rates to be eased further by ₹10-20. In the last three days, the market ruled bearish. On Wednesday evening about 15–16 mills offered tenders and sold 24,000 – 25,000 bags at ₹2,980-3,060 a quintal S-grade and ₹3,060-3,180 M-grade. On Bombay Sugar Merchants Association’s spot rates were: S-grade ₹3,150-3,301 and M-grade ₹3,260-3,460. Naka delivery rates were: S-grade ₹3,120–3,220 and M-grade ₹3,170 – 3,320.