Sugar declines on reduced offtake

Sugar prices declined by up to Rs 30 per quintal in the wholesale sugar market today due to reduced offtake from stockists and retailers against adequate stocks position.

Market analysts said adequate stocks position against sluggish demand mainly led to the fall in wholesale sugar prices. 

Sugar ready M-30 fell to Rs 2,940-3,020 from Rs 2,950-3,050, while S-30 eased to Rs 2,910-3,010 against the last close of Rs 2,925-3,040 per quintal.

Mill delivery M-30 and S-30 followed suit and traded lower at Rs 2,730-2,915 and Rs 2,700-2,900 from previous levels of Rs 2,750-2,925 and Rs 2,725-2,900 per quintal, respectively.  

Following were today's quotation in Rs per quintal.

Sugar ready M-30 2,940-3,020 and S-30 2,910-3,010
Mill delivery M-30 2,730-2,915 and S-30 2,700-2,900

Sugar mill gate prices (excluding duty): Kinonni 2,910, Asmoli 2,900, Mawana 2,860, Titabi 2,850, Thanabhavan 2,760, Budhana 2750 and Dorala 2,850