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Sugar prices on the Vashi wholesale market ruled mixed on Wednesday. Prices on the futures market bounced back after initial loss on hopes of financial support from the Union Government for the sugar sector soon. The volume remained thin as transporters have joined agitation against toll tax in the State. Local despatches were halted due to agitation.
In the futures market, February contract increased by ₹21 a quintal. In physical market, S-grade dropped by ₹10 on the higher side and M-grade declined by ₹16 at the lower end. A Vashi-based wholesaler said: “Stockists stayed away from fresh buying after covering more than 1.50 lakh bags in the previous two days. Volume at upper– mill level also declined.”Arrivals at the Vashi market were around 55-56 truckloads (of 100 bags each) while local dispatches were isolated. On Tuesday, 15-16 mills offered tenders and sold 53,000-54,000 bags at ₹2,500-2,620 (₹2,500-2,620) for S-grade and ₹2,650-2,820 (₹2,650-2,820) for M-grade.
Bombay Sugar Merchants Association’s spot rates were: S-grade ₹2,702-92 (₹2,700-2,802) and M-grade was ₹2,800-2,952 (₹2,816-2,952). Naka delivery rates were: S-grade ₹2,660-2,735 (₹2,660-2,735) and M-grade ₹2,790-2,925 (₹2,790-2,925).
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