Commodities

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.

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

Published on September 24, 2020
This article is closed for comments.
Please Email the Editor