Higher inventories weigh on sugar

Our Correspondent Mumbai | Updated on October 12, 2020 Published on October 12, 2020

Surplus stocks continue to weigh on sugar market keeping the prices under pressure. On Monday, prices at the Vashi wholesale market declined by ₹10-20 a quintal on subdued demand. Naka rates dropped by ₹20 on higher reselling. Seeing limited bulk demand producers sold the commodity at ₹10 lower.

Arrivals were about 34-35 truckloads (Each of 10 tonnes) and local dispatches were at 32-34 truckloads. On Saturday, about 16-18 mills offered tenders and sold about 38,000 – 40,000 bags at ₹3,100-3,170 for S-grade and ₹3,170-3,250 for M-grade.

The Bombay Sugar Merchants Association spot rates (₹/quintal): S-grade 3,252-3,302 and M-grade 3,320-3,462. Naka delivery rates (₹/quintal): S-grade 3,190-3,240 and M-grade 3,250-3,340.

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Published on October 12, 2020
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