Sugar prices declined by Rs.11-21 a quintal on the higher side but ruled steady on the lower end on Tuesday. Naka prices were mixed as resellers offloaded the S-grade old stocks at prices Rs.30 lower, while they sold M-grade new stocks fine variety at Rs.20 higher. Mill tender rates were down by Rs.20 for S-grade on the lower side and remained steady for M-grade. Activities were routine and need-based. Producers continued selling at prevailing rates as supply was ample in local markets, said sources.

Jagdish Rawal of BBhogilal and Co, said due to the ample supply in the local market and enough stocks at the market level, volume has remained almost stable over a month. Domestic futures were up by Rs.2 after a continuous decline. Sources said value buying had emerged in sugar. wholesale market were 59-60 truckloads and local offtake 57-58 loads. On Monday evening, 21- 22 mills offered tenders and sold 70,000-72,000 bags at Rs.2,860-2,970 (Rs.2,880- 2,970) for S-grade and Rs.2,970-3,100 (Rs.2,970-3,100) for M-grade.

Bombay Sugar Merchants Association’s spot rates were: S-grade Rs.3,036-3,151 (Rs.3,036-3,172) and M-grade Rs.3,180-3,311 (Rs.3,180-3,322).

Naka delivery rates were: S-grade Rs.2,950-3,050 (Rs.2,980-3,050) and M-grade Rs.3,080-3,210 (Rs.3,080-3,190).