MUMBAI, MARCH 11:  

Sugar prices continued to rule firm at upper level with rise of Rs.30-60 for fine variety on Tuesday. Some producers sold the commodity even at higher rates.

On the Vashi wholesale market, routine local demand kept prices for S-grade unchanged, while M-grade rose by Rs.4-10 a quintal.

Naka prices were steady. Arrivals at Vashi market were about 64- 65 truckloads (of 100 bags each) and the local dispatches were 63-64 truckloads.

On Monday evening, 18-19 mills offered tenders and sold about 65,000 bags at Rs.2,700-2,820 (Rs.2,650-2,760) for S-grade and Rs.2,880-2,980 (Rs.2,850- 2,940) for M-rade.

Bombay Sugar Merchants Association's spot rates were: S-grade Rs.2,860-2,932 (Rs.2,860-2,932) and M-grade was Rs.2,980-3,092 (Rs.2,976-3,082).

Naka delivery rates were: S-grade Rs.2,860-2,950 (Rs.2,860-2,950) and M-grade Rs.2,950-3,060 (Rs.2,950-3,060).

A Vashi based wholesaler said: “Stockists held back new bulk purchases as mills’ prices are higher and market prices are not matching resulting in disparity.However, all are optimistic about higher demand in coming months as production season ends comes nearer.

On the other hand, producers are not willing to sell at lower prices as prices in Uttar Pradesh ruling higher. The undercurrent of the market remained positive.Buying enquiry from neighbouring States also started increasing in Maharashtra this will lead to a higher demand coming days.”