Sugar prices on the Vashi wholesale market ruled almost steady in the start of the new year.
Wholesale sugar brokers continued their old tradition of fixing Naka rates for three continuous days on festival days such as Diwali and New Year.
According to the Bombay Sugar Merchants Association, naka rates were fixed at Rs 3,411.25-3,471.25 a quintal for S-grade and Rs 3,425.25-3,660.25 for M-grade.
Fine bold variety M-grade was higher at Rs 3,680.25.
Physical market was closed , hence, there were no arrivals or dispatches.
Jagdish Rawal of B. Bhogilal and co, told Business Line that “protest by the Maharashtra’s farmers for higher cane price, which has turned violent in Sangli, Satara and Kolhapur line, has disturbed the routine trade and arrivals–dispatches in the last two-three days.
Demand will ease after Diwali. The Vashi market carries more than 70-80 truckload of stocks.
Mills have to complete sale of 40 lakh tonnes of free sale quota allotted for October and November till month end. On Muhurat day, on the National Commodities and Derivatives Exchange, sugar December futures closed higher Rs 9 to Rs 3,318; January contracts were up at Rs 3,330. On Tuesday evening very few mills offered tenders at steady range of Rs 3,330.25-3,380.25 for S-grade and Rs 3,400.25-3,500.25 for M-grade. In the Vashi market, spot rates were: S-grade Rs 3,470.25-3,550.25 and M-grade was Rs 3,550.25-3,710.25.