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Sugar prices on the Vashi wholesale market were steady on Tuesday. Due to RamNavmi , arrivals and dispatches were low. Mills were under pressure of selling to avoid large inventory. On the other hand, at current low price, fresh support of local and upcountry buying for the summer supported the positive sentiment at producing level. Spot rates were down by Rs 5-8 in M-grade. Naka and Mill tender rates were steady. Freight rates ruled steady, said traders.
An official from the Bombay Sugar Merchants Association said due to Ram Navmi the volume was thin and prices ruled range-bound.
Demand in other centres is also picking up.
With a rise in temperature more demand is expected in the coming days. Upcountry buying/rail rake trade is still not as expected till now.
On Monday about 28-30 mills have offered tenders and sold about 1.20-1.25 lakh bags (100 kg each) of sugar in the range of Rs 2,610-2,640 for S-grade and Rs 2,630-2,690 for M-grade to state level buyers.
Today mill tenders were expected at the same price level.
Arrivals at the Vashi market were lower about 38-40 truckloads (Each of 100 bags) and local dispatches were 35-36 truckloads.
Bombay Sugar Merchants Association sugar rates: Spot rates: S-grade Rs 2,750- 2,821 (Rs 2,750-2,825) and M-grade Rs 2,791-2,901 (Rs 2,798-2,906).
Naka delivery rates: S-grade Rs 2,710-2,730 (Rs 2,710-2,740) and M-grade was Rs 2,740-2,800 (Rs 2,750-2,790).
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