Mumbai, Oct. 22:  

Sugar prices on the Vashi wholesale market declined by Rs 15-25 a quintal for M-grade and Rs 5-13 for S-grade on higher selling pressure at upper level. Naka and mill tender rates were unchanged as mill refused to sell at a lower price, resulting in the volume dropping.

Activities were restricted at ample stocks are available in the market. Prices on domestic futures market dropped on profit booking. Jagdish Rawal of B. Bhogilal & Co said that in Vashi arrivals and local dispatches were routine. Demand for the fine variety continued to be higher ahead of Diwali. The market carries ample stocks and producers are continuously selling in local markets in absence of neighbouring States’ buying. Arrivals in Vashi market were 61-62 truckloads (100 bags each), while local dispatches were also 61-62 truckloads. On Monday, 19-20 mills offered tenders and sold about 39,000-40,000 bags at Rs 2,700-2,840 (Rs 2,700-2,840) for S-grade and Rs 2,880-3,000 (Rs 2,880-3,000) for M-grade.

Bombay Sugar Merchants Association's spot rates were: S-grade Rs 2,900-3,042 (Rs 2,892-3,055) and M-grade Rs 3,011-3,256 (Rs 3,026-3,282). Naka delivery rates were: S-grade Rs 2,830-2,920 (Rs 2,830-2,920) and M-grade Rs 2,950-3,120 (Rs 2,950-3,120). Uttar Pradesh rates were: Lakhimpur Rs 3,315 and Muzzafarnagar Rs 3,225.