Sugar prices on the Vashi wholesale market improved on Thursday by Rs 10-15 for S-grade as new season’s higher priced sugar has started arriving at higher rates. M-grade of old stocks dropped by Rs 10-20. Producers have started offering new stocks Rs 20-30 higher. Naka rates were up by Rs 10-20 a quintal on ease resale selling pressure. Need-based demand in the physical market was slightly positive as the new month is approaching.
A Vashi-based wholesaler said: “Most of the mills tenders now offered are from new season’s output and due to higher input costs producers are quoting higher rates. Stockists also have started buying new production on expectation of higher demand at start of the new month. This year, demand for Christmas was not as expected. The market witnessed ample supply from mills putting prices under pressure continuously”.
Sugar prices in other main producing centres ruled steady after previous day’s sharp drop. Futures prices extended further loss in the absence of cues. In Maharashtra, demand from bulk consumer and neighbouring States is still missing, said sources.
In Vashi market, arrivals were 61-62 truckloads (each of 100 bags), while dispatches were 62-63 loads. On Wednesday, about 18-20 mills offered tenders and sold nearly 78,000-80,000 (each of 100 kg) bags most of new stocks to the local traders. They sold S-grade sugar in the range of Rs 3,150-3,220 and Rs 3,170-3,220 new variety (Rs 3,150-3,220) and M-grade was sold in the range of Rs 3,230-3,340 and new variety Rs 3,280-3,350 (Rs,3,230- 3,340).
The Bombay Sugar Merchants Association's spot rates were: S-grade Rs 3,292-3,391 (Rs 3,282-3,376) and M-grade Rs 3,342-3,531 (Rs 3,362- 3,541). Nakadelivery rates were: S-grade Rs 3,250-3,300 (Rs 3,235-3,270) and M-grade Rs 3,330-3,450 (Rs 3,330-3,430).