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Dhimant Bhatt

Mumbai , Aug 2

SUGAR spot prices in Mumbai on Tuesday touched an all-time high of Rs 2,082 a quintal for medium grade (M-30) mainly on reduced trading stocks, disrupted supplies from mills and continued demand, trade sources said.

Sugar spot prices increased sharply by Rs 100/150 a quintal over the last seven days due to disruption of supplies from mills on account of heavy rains.

At check-post delivery, spot prices jumped Rs 70-80 a quintal.

The sugar trade has been nearly paralysed, since last Tuesday due to heavy rains.

Small grade (S-30) prices were up Rs 100 to Rs 1,952-1,980 a quintal on Tuesday from Rs 1,845/1,880 a quintal last week while M-30 shot up Rs 170 a quintal to Rs 2,032-2,082 on Tuesday from Rs 1,877/1,955 last Monday.

"Spot prices have gone up sharply because of disrupted supplies from mills due to heavy rains in past few days. As result, supply from mills and ready stocks at the Vashi wholesale market has affected badly," a leading trader said.

Transport freight has also increased from Rs 55 to Rs 80 a quintal for Kolhapur-Navi Mumbai route. "Even at increased rates, some of the transport agencies are not willing to book parcels for Navi Mumbai. Inflows from mills have reduced sharply to 70 per cent," another trader said.

"I believe the current rally may not continue for long as supply in the State is affected due to heavy unexpected rains. Prices may come down by this week once the supply becomes normal," he said.

Wholesale trade at the Vashi complex has suffered partial damage to sugar stocks as warehouses in prominent areas were submerged. Traders are assessing the damage to their stocks, sources said.

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