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Sugar market on Thursday ruled flat all levels in absence of positive cues. Due to continuous rains, there was limited action in the market. Huge surplus stocks with producers ensured sufficient supplies and prices under check, sources said.
Despite lower production this year, mills still have huge surplus stocks of over 150 lakh tonnes and thus, are under pressure to sell. Production was 272 lakh tonnes during the year which had an opening stocks of 146 lakh tonnes. Demand during April–May dropped sharply due to lock down pressure on mills.
Arrivals at Vashi were 38-40 and truck loads (each of 10 tons) and local dispatches were at same level. Inventory at Vashi was about 80-85 truck loads. Freight rates were steady at ₹80-₹100 per bag.
On Wednesday, about 18-20 mills offered tenders and sold about 47,000 to 48,000 bags at ₹3,150–₹3,250 (₹3,160 – ₹3,250) for S-grade and ₹3,260–₹3,350 (₹3,260-₹3,360) for M-grade down by ₹10.
On Bombay Sugar Merchants Association's spot rates were (Rs./Quintal):
S-grade ₹3,332 – ₹3,382 (₹3,342 - ₹3,382) and M-grade ₹3,410 – ₹3,600 (₹3,410 - ₹3,600).
Naka delivery rates were (Rs./Quintal):
S-grade ₹3,310 - ₹3,380 (₹3,310 – ₹3,380) and M-grade ₹3,410 – ₹3,480 (₹3,410 – ₹3,480).
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