Bullish trend continues in sugar

Bullish trend continued in sugar market on Wednesday on back of firm mill tender rates. Producers were quoting higher rates supported by increased local demand. Prices at Vashi market rose further by ₹10-15 a quintal while naka rates ruled unchanged. Arrivals to the Vashi market increased to 62-63 truck loads and local dispatches were at 61-62 loads. On Tuesday evening, 15-16 mills sold about 55,000-58,000 bags at ₹2,900-3,000 for S-grade and ₹3,000-3,050 for M-grade. The Bombay Sugar Merchants Association’s spot rates: S-grade ₹2,992-3,082 (2,992-3,072) and M-grade ₹3,076-3,202 (3,062-3,192). Naka delivery rates: S-grade ₹3,000-3,050 (3,000-3,050) and M-grade ₹3,050-3,130 (3,050-3,130).