Agri Business

Sugar demand remains steady

Our Bureau Mumbai | Updated on July 10, 2020 Published on July 10, 2020

Sugar market in the beginning of the week was optimistic about hike in minimum selling price of sugar by ₹200 but by mid-week it remained unclear which brought the market under pressure again. On Friday, with limited need base, the demand and volume prices rule unchanged for the third consecutive day.

Due to limited demand, sentiments remain weak, said sources. Sugar worth 21 lakh tonnes quota for July month is higher by 2.5 lakh tonnes as compared to the previous month which kept supply sufficient. Market may see selling pressure in second half of the month. Arrivals at Vashi were 38–40 and truck loads (Each of 10 tonnes) and local dispatches were at same level. Inventory at Vashi was about 84- 85 truck loads. Freight rates were steady at ₹80-100 per bag.

On Thursday evening, 16–18 mills offered tenders and sold about 38,000–40,000 bags at ₹3,160- ₹3,250 (₹3,160– ₹3,250) for S-grade sugar and ₹3,260-3370 (₹3,260-3,370) for M-grade sugar. Sugar spot rates on the Bombay Sugar Merchants Association were as follows (₹/Quintal): S-grade ₹3,332-3,382 (₹3,332-3,382) and M-grade at ₹3,420-3,602 (₹3,420- 3,602). Sugar rates at Naka delivery were (₹/Quintal): S-grade at ₹3,310- 3,360 (₹3,310-3,360) and M-grade at ₹3,400-3,500 (₹3,400-3,500).

Follow us on Telegram, Facebook, Twitter Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

Published on July 10, 2020
This article is closed for comments.
Please Email the Editor