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Sugar prices on the Vashi wholesale market increased by Rs 20 for S-grade at the lower-end and declined by Rs 4 for M-grade on Monday on routine activities amid need-based buying. As sufficient stock is available in the market, stockists kept away from fresh bulk buying.
A Vashi-based wholesaler said that local retail demand eased after Diwali. Naka and mill tender rates were almost steady with minor changes on routine volumes. Futures were also bearish with thin volatility. Freight rates were steady at Rs 90-95 a bag.
The Vashi market currently carries 115-120 truckloads of stocks and in absence of any positive cues activities remain need-based. On the other hand, producers are continuously selling and hence, the sugar market is carrying a surplus condition.
Arrivals in Vashi market were 60-61 truckloads (of 100 bags each) while local dispatches were 59- 60 loads. On Saturday evening, about 17-18 mills offered tenders and sold 62,000-64,000 bags at Rs 2,710-2,830 (Rs 2,710-2,830) for S-grade and Rs 2,860-3,000 (Rs 2,860-3,000) for M-grade.
The Bombay Sugar Merchants Association's spot rates were: S-grade Rs 2,880-2,996 (Rs 2,860-2,996) and M-grade Rs 3,012-3,232 (Rs 3,016-3,232). Nakadelivery rates were: S-grade Rs 2,825-2,900 (Rs 2,825-2,860) and M-grade Rs 2,890-3,110 (Rs 2,950-3,110).
Uttar Pradesh rates were: Muzzafarnagar Rs 3,220.
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