Sugar prices dropped at mill and market level by ₹10-20 on Tuesday on producer’s higher selling pressure. Naka rates remained steady. Prices remained under pressure because of inventory buildup in the last three months becuase of the lockdown.
Normal activities in Vashi market resumed after a gap of nine weeks. Bombay Sugar Merchants Association (BSMA) began quoting daily official rates from June 1.
Analyst said as the pipeline is empty because of the long lockdown, vacation traders are expecting higher volume in coming days. As mills are carrying heavy stocks, there will not be any supply shortage.
The government has declared 18.5-lakh-tonne quota for June, which is enough to meet demand. Total quota for April –May was 35 lakh tonnes, out of which a large quantity remained unsold due to the lockdown. Producers are keen to sell.
Arrivals at Vashi remained lower at 30-35 truckloads and local dispatches were at same level. On Monday, 19-20 mills sold about 28,000–30,000 bags at ₹3,100–3,170 (₹3,100-3,180) of S-grade and ₹3,180-3,260 (₹3,180-3,280) ofM-grade.
The Bombay Sugar Merchants Association's spot rates were: S-grade ₹3,272-3,342 (₹3,280-3,352) and M-grade ₹3,340-3,502 (₹3,362- 3,500).
Naka delivery rates were: S-grade ₹3,200-3,240 (₹3,200-3,240) and M-grade ₹3,230-3,340 (₹3,230-3,340).
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