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Sugar prices at the mill level rose further by ₹20-40 a quintal, tracking firm futures which increased by over ₹40 on NCDEX on Wednesday. On the Vashi wholesale market, prices ruled steady on ample supply. Naka trade took place at ₹10-40 lower on increased lifting pressure from stockists. Arrivals and local dispatches were normal. Firm trend at upper – mill level kept morale positive, said sources.
Jagdish Rawal, a Vashi-based wholesaler, said: “Producers are selling the commodity at a higher price on local demand. However, at Vashi due to routine offtake prices relatively did not increase much as mill tender rates have gone up. But optimism about higher demand in coming months and production season comes nearer to end sentiment remained bullish.”
Arrivals at Vashi market were about 65-66 truckloads (of 100 bags each) and the local dispatches were 63-64 loads. On Tuesday, evening, 19-20 mills offered tenders and sold about over 70,000 bags at ₹2,720-2,840 (₹2,700-2,820) for S-grade and at ₹2,920-3,000 (₹2,880-2,980) for M-grade.
Bombay Sugar Merchants Association's spot rates were: S-grade ₹2,860-2,932 (Rs 2,860-2,932) and M-grade was ₹2,976-3,092 (₹2,980-3,092). Naka delivery rates were: S-grade ₹2,820-2,920 (₹2,860-2,950) and M-grade ₹2,940-3,050 (₹2,950-3,060).
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