Sugar prices on the Vashi wholesale market declined further by Rs 10 a quintal on Tuesday on higher selling and lower demand. Naka prices ruled unchanged but were under pressure due to month-end lifting pressure, said traders.

Maharashtra’s mills sold sugar at Rs 10-20 lower through tenders on Monday evening, dragging the sentiment in spot and futures markets. Some mills sold at lower prices as they were looking for liquidity. Sentiment was calm and cautious as all are now eying on budget and its tax proposals for sugar sectors.

The Vashi market currently carries over 100 truckloads of inventory, keeping stockists away from fresh bulk buying. In Vashi markets, the arrivals were 64-65 truckloads (each of 100 bags) and local dispatches were 60-61 truckloads. On Monday evening, 12-13 mills offered tenders and sold 33,000-35,000 bags (each of 100 kg) to local buyers at a lower price of Rs 3,070-3,130 (Rs 3,090-3,150) for S-grade and Rs 3,180-3,250 (Rs 3,190-3,260) for M-grade.

On National Commodities and Derivatives Exchange, sugar prices for March were down by Rs 12 to Rs 3,054 (Rs 3,066); April dropped to Rs 3,125 (Rs 3,132) and May was Rs 3,180 (Rs 3,184) till noon.

The Bombay Sugar Merchants Association’s spot rates: S-grade Rs 3,206- 3,282 (Rs 3,216-3,282) and M-grade Rs 3,262-3,421 (Rs 3,272-3,431). Naka delivery rates were: S-grade Rs 3,150-3,190 (Rs 3,150-3,190) and M-grade Rs 3,240-3,350 (Rs 3,240-3,350).