Sugar prices on the Vashi wholesale market ruled steady on Thursday on routine demand-supply. Select fine M-grade variety sold Rs 10 higher on the spot but the overall market remained calm. Naka and mill tender rates ruled unchanged with routine volume on the first day of the new month. Millers are optimistic about higher demand ahead of Diwali festival.
A Vashi-based wholesaler said with sufficient stocks available, stockists kept away from fresh inventory building. Local demand was need-based. Supply from producers is continuous and sufficient stocks of about 10,000-11,000 bags are lying in the market hence traders see no worry about any shortage of commodity during the festival days.
Millers and traders are optimistic about fresh demand ahead of Diwali. There is already demand from sweet makers which may rise further coming days. Continuous supply from mills to exhaust non-levy quota in time kept prices under check. An observer said sugar prices in other States such as Uttar Pradesh and Karnataka is ruling par with Maharashtra, arresting demands from others States.
In Vashi spot market, arrivals continued at 69-70 truck loads (each of 100 bags) and local dispatches were about 67-68 truck loads. On Wednesday evening, 19-20 mills offered tenders and sold 69,000-70,000 bags (each of 100 kg) to the local traders in the range of Rs 3,370-3,420 (Rs 3,370-3,420) for S-grade and Rs 3,450-3,540 (Rs 3,450-3,540) for M-grade.
Bombay Sugar Merchants Association's spot rates: S-grade Rs 3,492-3,562 (Rs 3,492-3,561) and M-grade Rs 3,552-3,711 (Rs 3,552- 3,701). Nakadelivery rates: S-grade Rs 3,440-3,480 (Rs 3,440-3,480) and M-grade Rs 3,500-3,650 (Rs 3,500-3,650).