Sugar prices on the Vashi wholesale market ruled steady with minor gains on Friday snapping continuous rise as local demand eased. But the sentiment remained firm as prices in Uttar Pradesh ruled higher than in Maharashtra, diverting neighbouring purchases to here along with improved local demand this month. Sugar prices have gone up by ₹250 a quintal in last three days and over ₹500 in the last one month on back of higher offtake.

On the Vashi wholesale market, prices increased by ₹5-10, while naka rates went up by ₹50-75 for M-grade on higher demand for fine quality. Mill tender rates were up by ₹20-30 for M-grade while S-grade ruled steady. The volume remained higher compared to previous day with higher dispatches from mills.Jagdish Rawal of B. Bhogilal & Co said that despite slight decline in local demand and continuous pressure of arrivals from producer’s sentiment remained positive due to higher prices at upper – mill level. However, prices in Maharashtra’s mills are still lower than Uttar Pradesh attracting neighbouring states bulk buying here. Stockists also continued buying fresh stock to maintain inventory for upcoming festivals. Currently, Vashi market carries about 120-125 truckloads of stocks.

Arrivals at Vashi market were around 64-65 truckloads (100 bags each) and local dispatches were 60- 61 loads. On Thursday evening, 22-24 mills offered tenders and sold about 1.25-1.50 lakh bags at ₹3,050-3,150 (₹3,050-3,150) for S-grade and ₹3,200-3,380 (₹3,180-3,350) for M-grade.

Bombay Sugar Merchants Association’s spot rates were: S-grade ₹3,232-3,352 (₹3,226-3,352) and M-grade was ₹3,351-3,512 (₹3,351-3,502). Naka delivery rates were: S-grade ₹3,200-3,300 (₹3,200-3,300) and M-grade ₹3,350-3,475 (₹3,300-3,400).

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