Selling pressure weighs on sugar

Higher selling pressure continued to kept sugar markets depressed on Thursday. Prices of the sweetener at Vashi dropped further by ₹10-15 a quintal as mills sold the commodity at ₹20 lower than previous day’s close. Arrivals to the Vashi market were about 58-60 truck loads and local dispatches were at 57-58 loads. On Wednesday evening, about 17-18 mills offered tenders and sold hardly 18,000-20,000 bags at ₹2,920-3,010 for S-grade and ₹3,010-3,120 for M-grade. The Bombay Sugar Merchants Association’s spot rates: S-grade ₹3,112-3,192 and M-grade ₹3,176-3,390. Naka delivery rates: S-grade ₹3,055-3,125 and M-grade ₹3,115-3,235.