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Sugar prices ruled firm on Thursday on the Vashi market tracking extended gain at mill level. Producers sold at ₹20-40 a quintal higher on improved demand from stockists along with bullish futures markets that pushed up spot prices by ₹10-25. Naka rates were also up by ₹10-40. the volume remained comparatively higher.
A wholesaler said, “Stockists are now increasing their position in fine-bold variety for upcoming festivals and decreasing old stocks. However, as of now producer’s rates are higher than the market prices resulting in a mismatch. But optimism about higher retail demand and end of crushing season keeps sentiment positive at all level.”
Arrivals at Vashi market increased to about 65-66 truck loads (of 100 bags each) but the local dispatches remain steady at 60-62 truck loads. On Wednesday evening, 18-19 mills offered tenders and sold about 70,000 bags at ₹2,760-2,880 (₹2,720-2,840) for S-grade and at ₹2,960-3,020 (₹2,920-3,000) for M-grade.
Bombay Sugar Merchants Association’s spot rates were: S-grade ₹2,882-2,932 (₹2,860-2,932) and M-grade was ₹2,982-3,102 (₹2,976-3,092). Naka delivery rates were: S-grade ₹2,860-2,930 (₹2,820-2,920) and M-grade ₹2,950-3,050 (₹2,940-3,050).
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