Sugar market stays flat

Our Correspondent Mumbai | Updated on June 10, 2020 Published on June 10, 2020

Sugar market ruled flat on Wednesday on limited demand. Adequate supply from producers kept the market range-bound and steady.

On lower side, ₹3,100 minimum selling price (MSP) fixed by the government offered support. Talk of possible increase in MSP by ₹200 also boosted sentiments. At Vashi, arrivals and local dispatches were at par, said sources.

Arrivals at Vashi increased to 38-40 truckloads and local dispatches were at same level. Inventories at Vashi increased to 84-85 truckloads. Freight rates were steady at ₹85-100 per bag. On Tuesday evening, 18-20 mills sold 35,000-36,000 bags at ₹3,110-3,170 (₹3,110-3,170) ofS-grade and ₹3,160-3,230 (3,160-3,230) of M-grade.

The Bombay Sugar Merchants Association's spot rates (₹./quintal): S-grade 3,250-3,322 (3,260-3,322) and M-grade 3,340-3,502(3,330- 3,490). Naka delivery rates were (₹./quintal): S-grade 3,210-3,250 (3,210-3,250) and M-grade 3,240-3,350 (3,240-3,350).

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Published on June 10, 2020
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