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Extended gain in mill tender rates on Wednesday evening lifted sugar prices on the Vashi wholesale market further by ₹20-40 a quintal on Thursday. Continuous demand from bulk consumers and stockists kept the sentiment firm at the upper level. In the spot market, naka prices rose by ₹30-50. The daily volume was high as crushing season nears end. A Mumbai-based retailer said that in Vashi, spot prices for fine variety M-grade crossed ₹3,500 pushing sugar prices near to ₹40/kg for retail consumers. Considering the end of the crushing season, eased inventory burden at producing level, improved raw sugar exports from India and higher demand ahead kept the overall morale firm. Freight rates ruled unchanged between ₹100-130 a bag.
Arrivals at Vashi market were around 65- 66 truck loads (of 100 bags each) and the local dispatches were 62-63 truck loads. On Wednesday evening, 17-18 mills offered tenders and sold about 73,000-75,000 bags at ₹3,050-3,150 (₹3,030-3,100) for S-grade and ₹3,180-3,350 (₹3,130-3,300) for M-grade.
Bombay Sugar Merchants Association’s spot rates were: S-grade ₹3,226-3,352 (₹3,206-3,352) and M-grade was ₹3,351-3,502 (₹3,322-3,456). Naka delivery rates were: S-grade ₹3,200-3,300 (₹3,170-3,300) and M-grade ₹3,300-3,400 (₹3,310-3,450).
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