Sugar prices on the Vashi wholesale spot market extended last week’s gain further by Rs 15-25 a quintal on Monday with M-grade topping the Rs 3,800 mark on higher local demand ahead of Ganeshotsav and closure of market on Wednesday and Thursday. Naka rates rule steady while mill tender rates were expected higher by Rs 10-15 on Monday. Under current remained bullish on active business ahead of festival said traders. Mukesh Kuwadia, Secretary of Bombay Sugar Merchants Association, told Business Line, “Sentiments remained positive on expectation of higher retail demand during the 10-day Ganeshotsav starting Wednesday. All are waiting for the announcement of the open sale quota for the October-December quarterly. Futures market trend will depend on the new quota”. Jagdish Rawal, a Vashi-based wholesaler said “Ganeshotsav festival and the closure of markets on Wednesday and Thursday pushed up retail demand on Monday. Maharashtra mills sold nearly 1.75-1.80 lakh bags of sugar on Friday-Saturday on improved festival demand”. “For September quarter, the Government released 51.66 lakh tonnes including additional release of 6.66 lakh tonnes” Rawal said. In Vashi market, arrivals and local dispatches were higher at 58-60 truck loads (each of 100 bags of quintal each). On Saturday evening, about 10-12 mills offered tenders and sold 35,000-38,000 bags (each 100 kg) in the higher range of Rs 3,510-3,560 (Rs 3,460-3,530) for S-grade and Rs 3,610 - 3,680 (Rs 3,550-3,540) for M-grade. On Monday, tender‘s were expected Rs 10-20 higher.
The Bombay Sugar Merchants Association's spot rates: S-grade Rs 3,621-3,682 (Rs 3,606-3,682) and M-grade Rs 3,676-3,811 (Rs 3,651-3,791). Nakadelivery rates : S-grade Rs 3,580-3,620 (Rs 3,580- 3,620) and M-grade Rs 3,650-3,750 (Rs 3,650-3,750).