Sugar prices extended last week’s gain further by Rs 10-20 in spot and naka remained steady at Mill level on Monday. Overall sentiments in physical market was positive ahead of festivals while in futures, prices declined by Rs 20-25 till noon, on reports of India’s sugar cane output in 2012-13 will be at 3,353.30 lakh tonnes. As Vashi wholesale market will remain closed on Tuesday due to Anna Saheb Patil Jayanti, activities continued on higher retailer’s demand. On Saturday evening, Maharashtra’s mills sold about one lakh bags sugar including 50,000-55,000 bags to neighbouring states. The retail price of sugar is around Rs 40-42 a kg. All are awaiting new quarterly quota for Oct-Dec, sources said. In Vashi market, arrivals and local dispatches were higher at 67-68 truck loads (each of 100 bags of quintal each) while local dispatches were about 65–66 truck loads. On Saturday evening about 15–16 mills sold about 40,000-45,000 bags (each of 100 kg) at Rs 3,540-3,590 (Rs 3,540-3,590) for S-grade and Rs 3,630 - 3,710 (Rs 3,630-3,710) for M-grade. Two rail rakes (each of 27,000 bags) of S-grade were sold at Rs 3,518-3,538 to neighbouring states.
The Bombay Sugar Merchants Association’s spot rates : S-grade Rs 3,625-3,702 (Rs 3,625 - 3,692) and M-grade Rs 3,712- 3,811 (Rs 3,681- 3,811). Naka delivery rates: S-grade Rs 3,590 -3,640 (Rs 3,580 - 3,625) and M-grade Rs 3,660-3,760 (Rs 3,660-3,760).