Sugar prices on the Vashi wholesale market ruled firm on Monday as pressure for month-end lifting eased at upper level amid producer’s lower interest to sell expecting higher price. In spot and naka level, prices rose by Rs 10-20 a quintal tracking a jump of Rs 20-30 in mill tender rates. A Vashi-based wholesaler said that expecting higher festival demand in August, mills are not keen to sell at lower price. Possibilities of lower production next season due to deficit rain across the country and two months away for new crushing season are supporting the firm sentiment in spot and futures. In Vashi market, arrivals were 54-55 truck loads and local dispatches were also higher at 54-55 truck loads due to renewed demand.
On Saturday evening only 10-12 mills offered tenders and sold about 48,000-50,000 bags (of 100 kgs each) to local stockists in the range of Rs 3,350-3,410 (Rs 3,320-3,380) for S-grade and Rs 3,430-3,490 (Rs 3,400-3,480) for M-grade.
Bombay Sugar Merchants Association's spot rates: S-grade Rs 3,452-3,552 (Rs 3,451-3,532) and M-grade Rs 3,512- 3,611 (Rs 3,501- 3,601). Nakadelivery rates: S-grade Rs 3,430 -3,470 (Rs 3,430 -3,470) and M-grade Rs 3,480-3,550 (Rs 3,470-3,530).