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Sugar prices shot up by Rs 25-30 a quintal at the mill level on Friday.
Naka rates increased by Rs 20 a quintal tracking firm tender rates. Fine-quality S-grade rose by Rs 30 and M-grade by Rs 10 in the spot market despite less-than-expected demand.
Arrivals and local dispatches increased ahead of Diwali. Mill tenders rose sharply at higher prices after buyers from West Bengal purchased three rakes of 27,000 bags each. Local demand improved ahead of Diwali as needy buyers covered before markets close for three-four days for the festival next week. Freight rates were steady. Arrivals in the Vashi market were higher at 58-60 truckloads while local dispatches were at 54-55 truckloads. On Thursday, 20-22 mills offered tenders and sold about 55,000-60,000 bags to local traders and three rakes to eastern buyers at Rs 2,700-2,800 (Rs 2,685-2,770) for S-grade and at Rs 2,800-2,950 (Rs 2,770 -2,900) for M-grade.
The market is waiting for the Centre's decision on exports and next month's free sale quota as the country is expected to have a surplus this year.
Bombay Sugar Merchants Association's spot rates: S-grade — Rs 2,831-2,911 (Rs 2,801-2,910); M-grade — Rs 2,936-3,072 (Rs 2,900-3,062).
Naka delivery rates: S-grade — Rs 2,800-2,850 (Rs 2,780-2,830); M-grade — Rs 2,900-3,040 (Rs 2,880-3,020).
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