Spot sugar prices on the Vashi wholesale market increased further by Rs 5-10 a quintal for S-grade, while it ruled steady for M-grade on Wednesday as parity remained higher with producers holding back from selling at lower rates. However, due to continuous selling at higher level naka and mill tender rates ruled unchanged with higher activities supported by improved local demand. Sources said that producers held back selling at lower rates which kept mill tender rates higher, while spot prices moved up on higher demand narrowing gap for considering parity. Prices rose by Rs 30-40 on the spot, while they were up Rs 10-20 at higher level. Arrivals at the Vashi market continued at about 60- 61 truckloads (of 100 bags each) and the local dispatches were 59-60 loads. On Tuesday evening, 20 -22 mills offered tenders and sold about 85,000-88,000 bags at a steady rate of Rs 2,580-2,690 for S-grade and Rs 2,770-2,820 for M-grade.

Bombay Sugar Merchants Association’s spot rates were: S-grade Rs 2,761-2,855 (Rs 2,751-2,852) and M-grade was Rs 2,892-3,006 (Rs 2,892-3,006). Naka delivery rates were: S-grade Rs 2,710-2,800 (Rs 2,710-2,800) and M-grade Rs 2,820-2,920 (Rs 2,820-2,920).