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Sugar prices in the physical market rose ₹20-30 a quintal, while on the futures market declined by ₹15-20. Spot market turned bullish on hopes that the Government will provide enough financial support to the sugar industry, which led producers to hold back their produce, supported by renewed demand from local stockists.
Maharashtra’s sugar mills sold over 75,000 bags on second consecutive day keeping morale positive in spot market, said sources.
Arrivals at the Vashi market were around 60-62 truckloads (of 100 bags each) while local dispatches were 58-60 truck loads. On Monday, 19- 20 mills offered tenders and sold 75,000-80,000 bags higher ny ₹20 at ₹2,500-2,620 (₹2,480-2,600) for S-grade and ₹2,650-2,820 (₹2,650-2,800) for M-grade. They offloaded old stocks at ₹10 lower also.
Bombay Sugar Merchants Association's spot rates were: S-grade ₹2,700-2,802 (₹2,680-2,762) and M-grade was ₹2,816-2,952 (₹2,800-2,952). Naka delivery rates were: S-grade ₹2,660-2,735 (₹2,630-2,700) and M-grade ₹2,790-2,925 (₹2,760-2,880).
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