Higher inventories drag sugar

Our Correspondent Mumbai | Updated on September 24, 2020 Published on September 24, 2020

Though expectations of rise in minimum selling price (MSP) for sugar by ₹2/kg from October kept the market sentiment positive, heavy inventories

kept prices under pressure with thin ₹10-20 a quintal volatility.

On Thursday, at the Vashi terminal market prices declined by ₹5 for poor quality old stocks. Naka rates were down by ₹20 on higher reselling. Mill tender rates eased by ₹10 for S-grade and M-grade ruled unchanged.

Arrivals were about 34-35 truck loads (of 10 tonnes each) and local dispatches were at 43-44 loads. Inventories at terminal market dropped to 90-95 truck loads. Freight rates were steady at ₹80-95 per bag.

On Wednesday evening, 20 mills sold about 28,000-30,000 bags at ₹3,140-3,210 for S-grade and ₹3,240-3,320 for M-grade.

The Bombay Sugar Merchants Association spot rates (₹/quintal): S-grade 3,282-3,352 and M-grade 3,386-3,502 . Naka delivery rates (₹/quintal): S-grade 3,245-3,295 and M-grade 3,345-3,395.

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Published on September 24, 2020
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