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Firm trend continued in sugar market on Wednesday. Sugar prices at spot and mill level gained further by ₹10-20 a quintal on higher demand and volumes. Sugar crushing season is almost over with a sharp drop in sugar production this year. Morale was firm, said sources.
Arrivals to the Vashi wholesale market were at 38-40 truck loads (of 10 tonnes each) and local dispatches were at 37-38 loads. Inventories were about 80 truck loads. Freight rates were steady at ₹85-95 per bag.
On Tuesday evening, 19-20 mills offered tenders and sold about 64,000-65,000 bags at ₹3,110-3,190 for S-grade and ₹3,200-3,270 for M-grade.
The Bombay Sugar Merchants Association spot rates (₹/quintal): S-grade 3,290-3,362 and M-grade 3,330-3,552. Naka delivery rates(₹/quintal): S-grade 3,260-3,280 and M-grade 3,300-3,370.
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