Sugar prices rise on buffer stocks,msp

Sugar prices jumped by ₹70-90 at Vashi tracking sudden bounce back in mill tender rates which gained by over ₹50 on Monday evening on speculation of creation of buffer stocks, fixing minimum sale prices for mills to traders and bringing again release mechanism. Naka rates were up by over ₹100. Arrivals at Vashi increased to 60-62 truck loads and local dispatches were same level on higher off take. On Monday 20-22 mills in Maharashtra’ssold 80,000 bags at ₹2,500-2,620 for S-grade and ₹2,650-2,780 for M-grade. On Bombay Sugar Merchants Association’s spot rates were: S-grade ₹2,680-2,781 and M-grade ₹2,798-2,902. Naka delivery rates were: S-grade ₹2,670– 2,750 and M-grade ₹2,770-2,850.