Commodities

Old stocks dissolve sugar

Our Correspondent Mumbai | Updated on October 13, 2020 Published on October 13, 2020

Bearish trend continued in sugar market on Tuesday. At the Vashi wholesale market, prices dropped by ₹5-10 a quintal, tracking weak trend at upper naka and mill level. Naka rates extended losses further by losing ₹40 in just two days on higher resale pressure.

Arrivals were about 33-35 truck loads (of 10 tonnes each) and local dispatches were at the same level. At Vashi, inventory was about 100-110 truck loads. Freight rates were also stable at ₹80-100 per bag.

On Monday evening, 20-22 mills offered tenders and sold about 45,000 – 48,000 bags at ₹3,100-3,180 for S-grade and ₹3,170-3,240 for M-grade.

The Bombay Sugar Merchants Association spot rates (₹/quintal): S-grade 3,246-3,302 and M-grade 3,310-3,462.

Naka delivery rates (₹/quintal): S-grade 3,170-3,220 and M-grade 3,230-3,320.

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Published on October 13, 2020
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