Agri Business

Sugar on a mixed trend

Our Correspondent Mumbai | Updated on October 06, 2020

Sugar prices at Vashi ruled mixed with ₹5-10 volatility on Tuesday, tracking a bearish trend at the Naka and Mill level, where it dropped by ₹10-20 on subdued demand. Quota for the month is 23 lakh tonnes, which seems high given the poor demand.

In the absence of any supportive measures for the sector and expected higher production in the new season, huge carryover stocks kept sales continued. Sentiment was weak on eased demand sources said.

Arrivals at Vashi were about 37-38 truckloads (Each of 10 tonnes) and local dispatches were 34-35 truckloads. Optimism about the higher festival demand and renewed demand from hotel, restaurants and canteens kept the tone stable at a near parity of the minimum selling price ₹3,100 level sources said.

On Monday evening, 13-14 mills offered tenders and sold about 27,000-28,000 bags at ₹3,110-3,170 (₹3,110-3,180) for S-grade and ₹3,200-3,270 (₹3,200-3,280) for M-grade.

Bombay Sugar Merchants Association’s spot rates (₹/quintal): S-grade ₹3,260-3,332 (₹3,256-3,342) and M-grade ₹3,372-3,486 (₹3,370-3,492).

Naka delivery rates (₹/quintal): S-grade ₹3,210-3,260 (₹3,230-3,280) and M-grade ₹3,290-3,360 (₹3,310-3,380).

Published on October 06, 2020

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