Agri Business

Sugar on a bearish trend

Our Correspondent Mumbai | Updated on October 07, 2020

Sugar market witnessed bearish trend on Wednesday on limited demands. Prices at Vashi dropped by ₹10-20 on higher selling amid need base local demand. Producers’ continued selling at prevailing rates kept Naka and mill tender rates steady, with minor changes. Sufficient quota for the month and continuous supply from mills on less-than-expected bulk demand kept morale weak, said sources.

Arrivals at Vashi were about 34-35 truckloads (each of 10 tonnes) and local dispatches were at same level. At Vashi, inventory was about 100-105 truckloads. Freight rates were stable at ₹80-100 per bag.

On Tuesday evening, 16-18 mills offered tenders and sold about 35,000-36,000 bags at ₹3,110-3,170 (₹3,110-3,170) for S-grade and ₹3,200-3,270 (₹3,200-3,270) for M-grade.

Bombay Sugar Merchants Association’s spot rates (₹/quintal): S-grade ₹3,250-3,322 (₹3,2603,332) and M-grade ₹3,352-3,486 (₹3,372-3,486).

Naka delivery rates (₹/quintal): S-grade ₹3,210-3,260 (₹3,210-3,260) and M-grade ₹3,290-3,360 (₹3,290-3,360).

Published on October 07, 2020

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