Sugar gains on higher offtake

Sugar prices at the Vashi wholesale market witnessed a sharp jump on the back of ₹7,000-crore bailout package coupled with increased offtake by bulk consumers amid tight supplies. Till noon, the market witnessed a steady rise of ₹10 a quintal but later on gained ₹50-60 more at mill and market level. Spot market activities were normal with routine arrivals and local dispatches. Freight rates were up by ₹10-15 per bag. Arrivals to the Vashi market stood at 57-58 truck loads and local dispatches too were at the same level. The Bombay Sugar Merchants Association’s spot rates: S-grade ₹2,892-2,942 and M-grade ₹2,942-3,122. Naka delivery rates: S-grade ₹2,870-2,940 and M-grade ₹2,910-3,040.