Higher demand hopes hold sugar steady

Sugar market ruled steady on Tuesday with fair variety at ₹10 lower on the Vashi wholesale market. Naka prices were unchanged. Mill tender rates were down ₹10 for S-grade but were steady for M-grade. The volume remained routine. Local offtake was at par with arrivals and the morale was slightly positive on hopes of higher retail demand next month.

Till now bulk buying is only need-based as enough stocks were on hand. Vashi market carries about 115-120 truckloads of stocks since start of the month. Producers are continuously selling the commodity. Arrivals were at 61-62 truck loads and local dispatches were also at 61-62 truck loads. On Monday, 16-18 mills offered tenders and sold 45,000-48,000 bags at ₹2,930-3,000 (₹2,930-3,010) for S-grade and ₹3,050-3,170 (₹3,050-3,170) for M-grade.

Bombay Sugar Merchants Association’s spot rates: S-grade ₹3,090-3,205 (₹3,100-3,205) and M-grade ₹3,212-3,372 (₹3,212-3,382). Naka delivery rates: S-grade ₹3,050-3,160 (₹3,050-3,160) and M-grade ₹3,150- 3,280 (₹3,150-3,280).