Range-bound trading in sugar

Our Correspondent Mumbai | Updated on October 22, 2020 Published on October 22, 2020

Sugar market ruled steady on Thursday except prices for S-grade which declined by ₹5-10 a quintal. Despite improved festival demand, enough stocks with traders kept the activities need-based at mill level.

Activities at the Vashi wholesale market improved due to Navratri festival but prices remained range bound. Naka and mill tender rates were unchanged.

Arrivals at Vashi were about 39 – 40 truck loads (of 10 tonnes each) and local dispatches were at 40-42 truck loads. Inventory at Vashi was about 105 – 110 truck loads. Freight rates were stable at ₹80 –100 per bag.

On Wednesday evening, 22 mills offered tenders and sold about 58,000 – 60,000 bags at ₹3,100-3,150 for S-grade and ₹3,160-3,220 for M-grade.

The Bombay Sugar Merchants Association spot rates (₹/quintal): S-grade 3,222 – 3,292 and M-grade 3,276 – 3,450. Naka delivery rates (₹/quintal): S-grade 3,170 - 3,220 and M-grade 3,230 – 3,320.

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Published on October 22, 2020
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