Bearish trend continues in sugar

Sugar prices at the Vashi market extended their bearish trend on limited demand amidst higher supplies. Prices at mills level dropped by ₹10-20 a quintal as demand remained thin forcing producers to keep their tenders open. Arrivals and local dispatches remained normal but stockists stayed away from fresh inventory building. Naka rates were steady. Arrivals were down at 56-57 truck loads and local dispatches were at 52-53 loads. The Bombay Sugar Merchants Association’s spot rates were: S-grade ₹2,820-3,000 and M-grade ₹2,920-3,190. Naka delivery rates were: S-grade ₹2,760-2,900 and M-grade ₹2,870-3,060.