Agri Business

Sugar on a weak trend

Our Correspondent Mumbai | Updated on October 02, 2020 Published on October 02, 2020

At the Vashi spot market, sugar M-grade declined by ₹5-10 while the S-grade ruled steady. At the Naka and mill levels, selling pressure kept the trend weak on Friday. Higher quota, continuous supply from mills and subdued demand kept morale low, said sources.

But for the second half of the month, mills and traders are optimistic about higher festival demand, especially from the North-East/West Bangal regions, along with the bulk demand from the HoReCa segment, sources said.

Arrivals at Vashi were about 28-30 truckloads (each of 10 tonnes) and local dispatches were 27-28 truckloads. Inventory was about 98-100 truckloads. Freight rates were steady at ₹85-100 per bag.

On Thursday evening, 10-12 mills offered tenders and sold about 18,000-20,000 bags at ₹3,120-3,190 (₹3,120-3,190) for the S-grade and ₹3,2003,290 (₹3,200-3,290) for the M-grade.

Bombay Sugar Merchants Association's spot rates (₹/quintal): S-grade ₹3,256-3,342 (₹3,256-3,342) and M-grade ₹3,370-3,490 (₹3,382- 3,495).

Naka delivery rates (₹/quintal): S-grade ₹3,220-3,270 (₹3,220-3,270) and M-grade ₹3,310-3,370 (₹3,310-3,370).

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Published on October 02, 2020
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