Slow improvement as new month demand for sugar rises

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Mumbai, Ta. 30 June 2020, Tuesday

In Navi Mumbai sugar market, the spot price of sugar increased from Rs 10 to Rs 20 after inquiries by retailers in the month of July. Prices at the mill and naka levels were stagnant as the government announced a quota of 2.1 million tonnes for July 20.

Earlier, the average monthly quota was 12.60 lakh to 12 lakh tonnes available in the market by forwarding 2.50 lakh tonnes in the April-June-30 quarter plus the March-20 carry, compared to 31 lakh tonnes in July-20, which may be more in case of limited unlock due to taxes. . "If the rains remain fully active in July, retail demand will be hampered," the analyst said.

Naik Navre, president of the National Federation of Cooperative Sugar Factories, said sugarcane production in Maharashtra is expected to increase to 200 lakh tonnes in the 20-21 season as compared to 15-20. During the season 18-20 to October-February, the work in sugar was satisfactory due to low production. In June 20, their inventory demand increased again. Exports are just as good. So the burden of surplus quantity has been reduced a lot. The June-August period is expected to be encouraging in terms of operations, sources said.

The analyst said that the current 2018-2020 season, which started with a matar opening stock of 1.5 million tonnes, is likely to end with a closing stock of 110-111 lakh tonnes by the end of September, given the declining demand after April due to the Koro period. Sugar exports are estimated at 3 lakh tonnes.

On Monday evening, after the quota of 21 lakh tonnes for July 20 was announced, tenders for 15 to 20 kg were offered. The mills, which were below the bulk demand, could sell only 30,000 to 5,000 times. There was news that the mills had sold S grade at Rs 2,150 to Rs 40 and M grade at Rs 30 to Rs 30. Motor fares ranged from Rs 8 to Rs 100 per quintal. The undertone of the market was good.


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