Prices of sugar from old stocks declined by Rs 10-20 a quintal at the Vashi wholesale market on Tuesday as stockists and producers offloaded it at a cheaper rate to make room for new season’s inventories.

. Naka trade took place at Rs 10-50 a quintal lower. Tender rates were unchanged. December futures contract witnessed sharp jump as it is nearing its expiry date, said an observer.

A Vashi-based wholesaler said that in physical market ample supply and adequate stocks kept activities routine. Local demand eased due to month-end. In the futures market, December contracts rose sharply by Rs 90 to Rs 2,830 on speculative buying. January and February futures were range-bound with thin volatility.

The sentiment in the physical market was calm on ample supply. Prices in other producing centres are ruling at a par with Maharashtra forcing producers to sell the commodity in local markets, a wholesaler said.

Arrivals at the Vashi market were 61-62 truckloads (of 100 bags each) while local dispatches were 60-61 loads. On Monday, 14-15 mills sold 44,000-45,000 bags through tenders in the range of Rs 2,650-2,750 (Rs 2,650-2,750) for S-grade and Rs 2,750-2,970 (Rs 2,750-3,000) for M-grade.

Bombay Sugar Merchants Association’s spot rates were: S-grade Rs 2,852-3,012 (Rs 2,872-3,022) and M-grade Rs 2,986-3,212 (Rs 2,986-3,222). Naka delivery rates were: S-grade Rs 2,810-2,870 (Rs 2,820-2,920) and M-grade Rs 2,930-3,130 (Rs 2,940-3,135).

Uttar Pradesh rates were: Muzzafarnagar Rs 3,220.