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Sugar prices increased by Rs 5-10 a quintal in the physical market on Wednesday on lower resale sales.
Naka rates continued uptrend with prices gaining Rs 5. Mill tender rates increased by Rs 10–30 on fresh buying from traders in the eastern parts.
A miller sold one rail rake about 27,000 bags of S-grade at Rs 2,830 to eastern buyers on Wednesday morning, said sources. This kept the sentiment firm until close of trade, said traders.
Market sources said that fresh enquiries enquiries from Kolkata side traders have increased. Neighbouring States such as Gujarat, Rajasthan, and Madhya Pradesh are expected to begin buying soon. As festival seasons will start from next month and the crushing season is set to end, the domestic market may possibly see limited supply.
A wholesaler said that domestic millers continued selling at prevailing rates due to higher production. Local retail demand is not expected to rise till month end. In the Vashi wholesale market, arrivals were 52-53 truckloads and local dispatches were 49-50 loads. On Tuesday, 11- 12 mills offered tenders and sold 45,000–50,000 bags to local traders in the range of Rs 2,825-2,880 (Rs 2,820-2,870) for S-grade and Rs 2,930-3,010 (Rs 2,900-2,980) for M-grade.
Bombay Sugar Merchants Association's spot rates: S-grade Rs 2,942-2,991 (Rs 2,932-2,991) and M-grade Rs 3,002- 3,181 (Rs 3,000-3,181). Naka delivery rates: S-grade Rs 2,905 -2,945 (Rs 2,900-2,940) and M-grade Rs 2,955-3,055 (Rs 2,950-3,050).
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