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Sugar prices in Maharashtra increased by Rs 15–20 a quintal at upper level on Monday on renewed demand from Calcutta-side buyers and increased local demand for Ganeshotsav festival. At Vashi market, spot rate rose by Rs 10-15 tracking firm Naka and Mill tender rates. Maharashtra's mills have sold more than two lakh bags (each 100 kg) weighing on firm sentiment in the physical market. Sugar futures prices were range bound with small ups and downs, said traders.
Mr Mukesh Kuwadia, the Secretary of Bombay Sugar Merchants Association told Business Line , “Taking cues from higher volumes at mill level, especially increased buying by Calcutta-side traders with higher rates has supported the bull sentiment of local market. Maharashtra's retail market witnessed higher demand due to Ganeshotsav. Moral was firm.”
A leading broker said, “In Vashi market, arrivals and dispatches also increased on Monday showing higher demand which will continue till this week end. As far as sugar futures price are concerned, considering higher sugar production this year and higher season end stocks along with bearish international futures market, the prices were range bound in domestic futures market with minor ups and downs till noon. Increased interest in rail rake buying at mill level by neighbouring States is the main factor for the price rise in physical market as prices are ruling higher in other producing States. Ganeshotsav will be celebrated till September 11 and demand for sugar and other commodities is likely to be higher.
Mill tender rates were expected higher by Rs 5-10 after increasing Rs 15-20 on Saturday. On Saturday evening nearly 28–30 mills have sold about 2.25–2.50 lakh bags of sugar including 7 -8 rail rake by Bengal-side buyers and 40,000-50,000 bags to local stockiest in the range of Rs 2645–2685 (Rs 2630 – 2660) for S-grade and Rs 2725 –2815 (Rs 2700 –2800) for M-Grade. Good quality S-grade fetched the higher price of Rs 2700 –2705, said sources.
Bombay Sugar Merchants Association sugar rates:
Spot rates: S-grade Rs 2776 -2871 (Rs 2768 -2861) and M-grade Rs 2826-2976 (Rs 2821-2971).
Naka delivery rates: S-grade Rs 2730-2760 (Rs 2730-2770) and M grade was Rs 2800-2900 (Rs 2820-2900).
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