Commodities

Sugar turns sour on subdued demand

Our Correspondent Mumbai | Updated on October 16, 2020 Published on October 16, 2020

Bearish trend continued at the Vashi wholesale sugar market on Friday on eased demand. At Vashi, prices extended losses further by ₹15-20 a quintal. At mill and naka level it remains steady near parity of minimum selling price (MSP). Subdued bulk and retail – local demand kept activities limited. Morale was weak, said sources.

Meanwhile due to heavy rain in Maharashtra and agitation of cane field workers for hike in wages crushing season in Maharashtra is likely to get delayed further said sources. Crushing season in the State was set to start from October 15.

Arrivals at Vashi were about 35 – 36 truck loads (Each of 10 tonnes) and local dispatches were at same level. At Vashi inventory was about 100 – 110 truck loads. Freight rates were stable at ₹80 – 100 per bag.

On Wednesday evening, 16 – 18 mills offered tenders and sold about 38,000 – 40,000 bags at ₹3,100 –3,160 for S-grade and ₹3,160 –3,230 for M-grade.

The Bombay Sugar Merchants Association spot rates (₹/quintal): S-grade 3,226 – 3,292 and M-grade 3,276 – 3,440.

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

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Published on October 16, 2020
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