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Spot sugar prices continued to rise for the second consecutive day with prices jumping by ₹80-90 a quintal on the Vashi wholesale market. The rise was led by firm mill tender rates amid higher demand. Mill tender prices rose by ₹70-80, lifting naka rates by ₹80-110. Jagdish Rawal, a Vashi-based wholesaler, told Business Line that stockists and bulk consumers’ demand along with upcountry buying at mill level kept tender rates firm. Millers are selling the commodity at higher prices on better export prospects. After a long time Vashi market witnessed higher local dispatches than arrivals, easing inventories held by market.
Arrivals at Vashi market were around 65-66 truckloads (of 100 bags each) and the local dispatches were 68-70 loads. On Tuesday evening, 20-22 mills offered tenders and sold about 1.30-1.50 lakh bags at ₹3,030-3,100 (₹2,950-3,030) for S-grade and ₹3,130-3,300 (₹3,050-3,230) for M-grade.
Bombay Sugar Merchants Association’s spot rates were: S-grade ₹3,206-3,352 (₹3,130-3,262) and M-grade was ₹3,322-3,456 (₹3,242-3,382). Naka delivery rates were: S-grade ₹3,170-3,300 (₹3,100-3,190) and M-grade ₹3,310-3,450 (₹3,240-3,350).
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