Sugar prices extended their gains on the Vashi wholesale market by Rs.10-30 a quintal on Wednesday. However naka and mill tender rates rule unchanged as producers started selling. Traders were optimistic about higher demand in the coming days due to summer .

 Despite routine local demand and ample inventory stocks, volume was comparatively higher at upper and market level. Local dispatches were higher than arrivals on Wednesday. Sugar prices have gone up by more than Rs.200 this month, making parity in favourable for producers, who were till February end facing problems of inventory burden and losses. 

While the crushing season will be over soon, the coming months are to witness peak summer and festivities. On top of that, steady growth in sugar exports will keep market sentiment positive and bullish.

Arrivals at Vashi market were 60-61 truckloads (Each of 100 bags) and the local despatches were 63- 64 loads. On Tuesday, 16-17 mills offered tenders and sold 54,000 – 55,000 bags at Rs.3,090-3,150 (Rs.3,090-3,150) for S-grade and Rs.3,140-3,320 (Rs.3,140-3,320) for M-grade.

On National Commodities and Derivatives Exchange, April-14 future was higher at Rs.3,200 (Rs.3,197), May -14 increase to Rs.3,220 (Rs.3,212) and June-14 up at Rs.3,239 (Rs.3,240) till noon.

Bombay Sugar Merchants Association’s spot rates were: S-grade Rs.3,232-3,380 (Rs.3,202-3,375) and M-grade was Rs.3,350- 3,506 (Rs.3,342-3,502).

Naka delivery rates were: S-grade Rs.3,190-3,260 (Rs.3,190-3,260) and M-grade Rs.3,260-3,400 (Rs.3,260-3,400).