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Sugar prices rose by ₹15-25 a quintal across the country in the physical market on Monday following higher demand. Producers held back their produce from selling at lower price on expectation of higher demand with the mercury rising and this kept sentiment positive. On Saturday evening, producers sold over one lakh bags to local traders and upcountry buyers.
Sources said that prices improved by ₹20-30 at the Vashi wholesale market, tracking strong naka rates which increased by same margin. Mills tender rates ruled unchanged at higher level as spot prices were lower. On Saturday, producers sold one rail rake (about 27,000 bags) to upcountry buyers over and above local sales indicating higher demand.
Arrivals at Vashi market were around 61- 62 truckloads (of 100 bags) and the local dispatches were 59-60 loads. On Saturday, 19-20 mills offered tenders and sold about 1-1.10 lakh bags at a steady rate of ₹2,570-2,670 for S-grade and ₹2,750-2,820 for M-grade.
Bombay Sugar Merchants Association’s spot rates were: S-grade ₹2,736-2,842 (₹2,732-2,826) and M-grade was ₹2,856-2,980 (₹2,872-2,977). Naka delivery rates were: S-grade ₹2,765-2,850 (₹2,700-2,820) and M-grade ₹2,800-2,950 (₹2,810-2,930).
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