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Talks of MSP hike sweetens sugar

Tue July 07 2020

 

 

Sugar prices rose by ₹30-40 a quintal at the Vashi wholesale market on talks that Centre has decided to raise minimum selling price of sugar by ₹200 to ₹3,300 a quintal.

 

Naka rates were up by ₹40-60 tracking firm mill tender rates. Activities were limited on need-based local and bulk demand.

 

Arrivals were at 35-38 truck loads (of 10 tonnes each) and local dispatches, too, were at the same level. Inventory at Vashi was about 80-85 loads. Freight rates were steady at ₹80-100 per bag.

 

On Monday evening, 14-15 mills offered tenders and sold about 38,000-40,000 bags at ₹3,160-3,250 for S-grade and ₹3,260-3,370 for M-grade.

 

The Bombay Sugar Merchants Association spot rates (₹/quintal): S-grade 3,342-3,382 and M-grade 3,400-3,602.

 

Naka delivery rates (₹/quintal): S-grade 3,310-3,360 and M-grade 3,400-3,500.

 

Source: Hindu business line.

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