Sugar prices on the Vashi wholesale market dropped by Rs 10-20 a quintal on lower demand.

The volume remained lower than previous day while dispatches from the mills continued to be normal.

Naka prices were up by Rs 5 for S-grade and Rs 20 for M-grade on lower selling.

Mill tender rates were higher by Rs 5-10 on expectation of improved demand in the beginning of the new month. Morale was positive, said sources.

A Vashi-based wholesaler said that in spot market due to year-end festival mood stockists and retailers kept away from bulk buying.

There is sufficient old stock still available at market and at producing level and new crushing season is on peak hence all are keen to reduce the old stocks.

Vashi market carries more than 100-110 truckloads of stocks, he said.

Arrivals at Vashi market were 62-63 truck loads (of 100 bags each) while local dispatches were 57-58 truck loads.

On Monday, 18-20 mills sold 55,000-58,000 bags at Rs 2,640-2,740 (Rs 2,650-2,740) for S-grade and Rs 2,725-2,980 (Rs 2,720-2,985) for M-grade.

Bombay Sugar Merchants Association's spot rates were: S-grade Rs 2,842-2,995 (Rs 2,851-2,995) and M-grade Rs 2,950-3,172 (Rs 2,971-3,172).

Naka delivery rates were: S-grade Rs 2,800-2,880 (Rs 2,795-2,875) and M-grade Rs 2,900-3,075 (Rs 2,875-3,075).

Uttar Pradesh rates were: Muzzafarnagar Rs 3,180.