Sweetner softens in Guj

After an unabated rally, sugar prices have started easing with stockists in Madhya Pradesh and Uttar Pradesh offloading amid fears of imposition of stock limit in these states. The prices of sugar in the Ahmedabad spot market have come down by Rs 100-150 a quintal in the last two days.

In the wholesale market, M-30 and S-30 were quoted at Rs 3,000-3,050 a quintal and Rs 2,970-3,000 a quintal respectively, which are lower by Rs 100-150 a quintal than the prices seen two days back.

Similarly, mill gate prices of M-30 and S-30 have also fallen by Rs 100-150 to Rs 2,940-2,970 a quintal and Rs 2,915-2,930 a quintal respectively.

Market players attributed offloading of stocks by stockists and millers in Uttar Pradesh and Madhya Pradesh to the fall in sugar prices.

“Gujarat government has already imposed stock limit on sugar. The rumours were rife about the imposition of stock limit in UP and MP, which prompted stockists and millers to clear their stocks. This led to sharp fall in prices, which had surged to a peak level this month following estimates of lower sugar production this year “, said Jagdish Thakkar, an Ahmedabad-based sugar trader.

“Increased sell off by stockists and millers affected the trading sentiments and prices fell sharply” he added.