Sugar prices on the Vashi wholesale market improved by Rs 10-20 a quintal for normal quality, tracking similar rise in Naka delivery on the back of demand support. Mills tender rates increased by Rs 10-20.
Producers hold the price on continuous buying support from the stockists. Arrivals and local dispatches were routine.
Market observers said the sentiment was steady due to routine demand – supply. Producers continued selling to avoid any pressure to exhaust free sales quota. Millers expect steady rise in consumers’ demands for next 2 -3 weeks for Dasara and Diwali.
The Vashi market is currently carrying sufficient inventory of about 10,000 – 12,000 bags and hence, traders are cautious about adding more stocks. Inventory buying may improve next month for Diwali. Currently, supply is ample in the market. Demand from neigh bouring States also is expected in Maharashtra. In Vashi market, arrivals were about 68-70 truckloads (each of 100 bags of quintal each) and local dispatches were about 67-68 loads.
On Monday, about 20-22 mills offered tenders and sold more than one lakh bags (each of 100 kg) to the local traders in the higher range of Rs 3,400-3,460 (Rs 3,380-3,440) for S-grade and Rs 3,480 - 3,580 (Rs 3,470 - 3,580) for M-grade.
The Bombay Sugar Merchants Association's spot rates: S-grade Rs 3,561 – Rs 3,591 (Rs 3,542 – Rs 3,592) and M-grade Rs 3,582- 3,711 (Rs 3,572- 3,711).
Nakadelivery rates: S-grade Rs 3,510 -3,550 (Rs 3,490 -3,550) and M-grade Rs 3,560-3,670 (Rs 3,550-3,680).