Sugar prices ruled firm on the Vashi wholesale market on Wednesday following a hike in freight rates by ₹8-10 and producers sold the commodity at ₹10-15 higher compared to the previous day. Naka rates were also up by ₹10-20 a quintal. A Vashi-based wholesaler said that since the new crushing season has been delayed, producers quoted higher rates while transporters raised freight rates. Expectation of higher offtake by retailers and bulk users during Diwali could extend further gain in prices. Arrivals were at 61-62 truckloads and local dispatches 58-60 loads. On Tuesday evening, 19-20 mills offered tenders and sold 74,000-75,000 bags at ₹2,800-2,910 (₹2,790-2,900) for S-grade and ₹2,920-3,020 (₹2,900-3,000) for M-grade.
The Bombay Sugar Merchants Association’s spot rates: S-grade ₹2,962-3,042 (₹2,962-3,040) and M-grade ₹3,072-3,245 (₹3,080-3,245). Naka delivery rates: S-grade ₹2,910-3,000 (₹2,900-2,960) and M-grade ₹3,020-3,120 (₹3,010-3,100).