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Sugar prices on the Vashi wholesale market ruled range-bound with thin volatility on Tuesday following routine activities. Ample stocks and supply kept the volume need-based and limited. As producers are selling continuously, prices may be under pressure but from next week with the start of festival month local demand is expected to rise and prices may see some positive support, said a wholesaler.
Sources said that at the spot and naka level, prices ruled unchanged due to need-based retailer’s demand. Arrivals were higher than local dispatches putting pressure on sentiment. Vashi market currently carries 115-120 truckloads of stocks and traders are not in mood to increase it until retail offtake improves .
Arrivals were higher at 60-61truckloads and local dispatches were 57-58 loads. On Monday evening, 13-14 mills offered tenders and sold 38,000-40,000 bags at steady rates of ₹2,950-3,010 for S-grade and ₹3,050-3,170 for M-grade.
Bombay Sugar Merchants Association’s spot rates: S-grade ₹3,102-3,220 (₹3,100-3,222) and M-grade ₹3,222-3,382 (₹3,222-3,382). Naka delivery rates: S-grade ₹3,020-3,150 (₹3,020-3,150) and M-grade ₹3,140- 3,270 (₹3,140-3,270).
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