Sugar prices tumble on bumper output, weak demand

Sugar prices tumble on bumper output, weak demand

Sugar prices dropped by Rs 65 per quintal at the wholesale market in the national capital today following ample stocks on heavy supplies from mills pressurised by higher output.Marketmen said ample stocks position following relentless supplies from mills triggered by higher output this year, mainly led to fall in sweetener prices.Besides, reduced offtake by bulk consumers weighed on prices, they added.Meanwhile, sugar production has been revised upward by 4 per cent to Rs 26.1 million tonnes for the 2017-18 season, according to Indian Sugar Merchant Association (ISMA).Sugar ready M-30 and S-30 prices dropped by Rs 60 each to Rs 3,330-3,560 and Rs 3,320-3,550 per quintal.Sugar mill delivery M-30 and S-30 also dipped by Rs 65 each to end the day at Rs 3,150-3,320 and Rs 3,140-3,310 per quintal.In the mill gate section, sugar Kinnoni plunged by Rs 65 to Rs 3,320, Budhana, Thanabhavan and Sakoti lost Rs 60 each to Rs 3,320, Rs 3,215 and Rs 3,190 per quintal.Following are today’s quotations (in Rs per quintal)Sugar retail markets – Rs 34.00-37.00 per kg.Sugar ready: M-30 Rs 3,330-3,560, S-30 Rs 3,320-3,550.Mill delivery: M-30 Rs 3,150-3,320, S-30 Rs 3,140-3,310.Sugar millgate (including duty): Mawana Rs 3,215, Kinnoni Rs 3,320, Asmoli Rs 3,300, Dorala Rs 3,225, Budhana Rs 3,220, Thanabhavan Rs 3,215, Dhanora Rs 3,300, Simbholi Rs 3,280, Khatuli Rs 3,300, Dhampur Rs 3,200, Ramala Rs 3,160, Anupshaher Rs 3,160, Baghpat Rs 3,180, Morna Rs 3,170, Sakoti Rs 3,190, Chandpur Rs 3,180, Nazibabad Rs 3,150, Modinagar 3,205, Shamli 3,205, and Nanota 3,160.

Source: business-standard:Published on 2018-01-19