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Spot sugar prices gain by over ₹50 on Tuesday as producers sold the commodity at a premium on Monday evening. A sudden spurt in local demand and higher volume kept prices high after the Government’s decision to raise the import duty on sugar to 40 per cent from 15 per cent.
Naka and mill tender rates were up by ₹40-50 a quintal. Producers refrained from selling at lower rates as the monsoon has been delayed, increasing fears over planting being affected. Arrivals at the Vashi wholesale market were some 62-63 truckloads and local offtake was 61-62 loads. On Monday evening, 22-23 mills offered tenders and sold about 1-1.15 lakh bags at ₹2,990-3,060 (₹2,950-3,030) for S-grade and ₹3,100-3,230 (₹3,060-3,180) for M-grade.
The Bombay Sugar Merchants Association’s spot rates were: S-grade ₹3,082-3,186 (₹3,030-3,152) and M-grade ₹3,202-3,351 (₹3,152-3,316). Naka delivery rates: S-grade ₹3050-3,120 (₹2,975-3,050) and M-grade ₹3,160-3,250 (₹3,060-3,200).
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