Sugar prices made further gains in the Vashi wholesale spot market on Tuesday. Higher retail shopkeepers demand pushed up prices by Rs 10- 15 a quintal in physical market. Naka rates improved by Rs 10-20, tracking firm mill tender rates. Mills sold sugar Rs 10-20 higher than the previous day on improved stockists buying. Market will observe two-day holiday on Wednesday and Thursday. Higher volume at all levels kept the undercurrent positive. In the last eight days, sugar prices rose by Rs 130-150 at producing level pushed up spot rates by same margin, said sources.
At the Vashi market, arrivals and local dispatches continued to be higher at 58-60 truckloads (each 100 bags of quintal each). On Monday evening, about 15-16 mills offered tenders and sold 65,000 – 70,000 bags (each of 100 kg) in the range of Rs 3,530-3,570 (Rs 3,520-3,560) for S-grade and Rs 3,620 - 3,690 (Rs 3,610-3,690) for M-grade.
The Bombay Sugar Merchants Association's spot rates: S-grade Rs 3,625-3,692 (Rs 3,621-3,682) and M-grade Rs 3,691-3,811 (Rs 3,676- 3,811).
Naka delivery rates: S-grade Rs 3,590-3,640 (Rs 3,580-3,620) and M-grade Rs 3,660-3,740 (Rs 3,650-3,750).