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Spot sugar prices at Vashi market on Wednesday witnessed a steady trend. Naka and mill tender rates ruled firm with a rise of Rs 5 on expectation of higher fresh retail demand. The volume was at usual levels, as there was no improvement in ready demand.
Quality sugar was up Rs 4-5. Because of the lack of local and upcountry demand prices and volumes have remained stagnant for the last few days, said Mr Mukesh Kuwadia, Secretary of Bombay Sugar Merchants Association. Prices may zoom once fresh demand picks up. Currently, sugar prices seem to be settling down at lower levels after last month's sharp decline.
. Besides Mumbai, demand in other main consuming centres is also poor. Lower production estimates from Maharashtra and Uttar Pradesh and shortage of trucks at producing-level may affect supply; or freight rates hike will support the price.
On Tuesday evening about 14-15 mills came with tender offer and sold about 30,000-32,000 bags of sugar at Rs 2,710-2,750 a quintal for S-grade and Rs 2,760-2,800 a quintal for M-grade. Arrivals were about 45-48 truckloads (each 100 bags), and local dispatches were about 48-50 truckloads. According to the Bombay Sugar Merchants Association, spot sugar rates were: S-grade: Rs 2,836-2,881 (Rs 2,841-2,875) and M-grade: Rs 2,872-2,951 (Rs 2,866-2,931). Naka delivery rates were: S-grade: Rs 2,780-2,820 (Rs 2,780-2,830), and M-grade: Rs 2,830-2,895 (Rs 2,830-2,890).
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