The sugar market was firm on Monday, tracking higher mill tender rates and improved local demand ahead of Navaratri festival.
On the Vashi wholesale market, spot prices for S-grade increased by Rs 30, while for M-grade they moved up up by Rs 10 a quintal.
Mills tender rates were up by Rs 10-30 on higher volumes.
Jagdish Rawal of B. Bhogilal and co., said market sentiment was positive on improved local demand in spot market and at mill level ahead of Navaratri – Dashara festival starting from Tuesday.
Steady rise in demand from retailers and confectionery/sweet makers are expected to continue till next month for Navaratri – Dasara and Diwali festivals.
He said though there is ample supply in market mills continued selling at market rates.
Under selling pressure mills tender rates dropped higher than physical market this month so prices at mill level may bounce back speedily.
The Government has declared total 40 lakh tonnes free sale quota for Oct – Nov. Demand from neighbouring States was missing in Maharashtra till last week but is now expected to improve soon, he said.
In Vashi market, arrivals were about 70-72 truckloads (each of 100 bags of quintal each) and local dispatches were about 68-70 loads.
On Saturday, about 19-20 mills offered tenders and sold mare 1.25 lakh bags (each of 100 kg) to the local traders in the range of Rs 3,380-3,440 (Rs 3,350-3,440) for S-grade and Rs 3,470 - 3,580 (Rs 3,460 - 3,550) for M-grade.
The Bombay Sugar Merchants Association's spot rates: S-grade Rs 3,542 – Rs 3,592 (Rs 3,512 – Rs 3,591) and M-grade Rs 3,572- 3,711 (Rs 3,572- 3,711). Nakadelivery rates: S-grade Rs 3,490 -3,550 (Rs 3,490 -3,530) and M-grade Rs 3,550-3,680 (Rs 3,570-3,650).