Sugar prices remain range-bound

Our Correspondent Mumbai | Updated on June 01, 2020 Published on June 01, 2020

Activities at the Vashi wholesale sugar market picked up as the Bombay Sugar Merchants Association (BSMA) restarted trade after a break of more than two months due to Covid-19 lockdown.

Sugar prices were almost range-bound and more and more mills came forward with tender offer.

Jagdish Rawal of B Bhogilal and Co said traders are expecting higher volume. As mills carry enough stocks, there will be ample supply. The Centre has declared 18.50 lakh tonnes quota for June which is enough to meet demand.

Another wholesaler said the market may witness some improvement due to renewed inventory building and bulk demand. Stock position at Vashi came down to 50-60 truck loads on thin arrivals. Freight rates were steady at ₹80-100.

Arrivals were hardly at 25-30 truck loads and local dispatches also were at the same level. On Saturday evening, hardly 18-20 mills offer tenders and sold about 34,000-35,000 bags at ₹3,100-3,180 for S-grade and ₹3,180-3,280 for M-grade.

The Bombay Sugar Merchants Association spot rates: S-grade ₹3,280-3,352 and M-grade ₹3,362-3,500. Naka delivery rates: S-grade ₹3,200-3,240 and M-grade ₹3,230-3,340.

Published on June 01, 2020
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