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Sugar prices extended their gains for the second day on improved demand across the country as the Government approved ₹3,333 a tonne subsidy to boost raw sugar exports from the country.
Mills sold at ₹20-30 higher, lifting prices in the physical markets on Friday.
At Vashi market, prices rose by ₹10-20 on Friday. Naka and mill tender rates were higher by ₹15-20.
Maharashtra mills sold one rake (about 27,000 bags) of small grade to buyers from the East over and above routine local sales, observer said.Arrivals at the Vashi market were around 58-60 truckloads (each 100 bags), while local dispatches were higher at 57-58 loads.
On Thursday evening 18-20 mills offered tenders and sold 48,000-50,000 bags at ₹2,550-2,650 (₹2,530-₹2,630) for S-grade and ₹2,680-2,850 (₹2,650-2,830) for M-grade. On National Commodities and Derivatives Exchange, March-14 closed higher at ₹3 to ₹2,772 (₹ 2,769) and April-14 at ₹2,810 (₹2,809).
Bombay Sugar Merchants Association's spot rates were: S-grade ₹2,700-2,822 (₹2,700-2,802) and M-grade was ₹2,812- 2,972 (₹2,800-2,962).
Naka delivery rates were: S-grade ₹2,700-2,750 (₹2,680-2,750) and M-grade ₹2,820-2,920 (₹2,810-2,920).
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