Market News

Sugar millers’ stocks up 42pc in a week as imports increase

Shopping for sugar. FILE PHOTO | NMG
Shopping for sugar. FILE PHOTO | NMG 

Stocks of sugar held by factories are up 42 per cent in a span of one week, highlighting the negative impact increased imports are having on millers.

Statistics from the Sugar Directorate indicate the volume held by factories rose from 8,009 tonnes on October 16 to 11,427 tonnes on October 23.

The trend implies that millers are grappling with slow-moving stocks as distributors opt for cheaper imported sugar.

The directorate anticipates stocks held by millers to continue rising.