Sugar closes lower on higher output, ample stocks

Sugar prices declined by Rs 20 per quintal to trade at fresh five-year lows at the wholesale market in the national capital today following persistent selling by millers amid higher output reports.
Besides, subdued demand from bulk consumers and weak trend in the overseas markets on bumper crop and deprecation of Brazilian currency against the US dollar, weighed on the sweetener prices.
Marketmen said apart from huge stock positions in the market following persistent supplies by millers mainly kept sugar prices at five-year lows.
Meanwhile, the country's sugar production rose by over 14 per cent to 22.18 million tonnes till March 15 of the current marketing year, according to industry body ISMA.

Sugar mill delivery M-30 and S-30 prices declined by Rs 30 to finish at Rs 2,450-2,580 and Rs 2,440-2,550 per quintal.
In the millgate section, sugar Kinnoni, Asmoli, Mawana and Simbholi lost Rs 20 each to Rs 2,580, Rs 2,570, Rs 2,470 and Rs 2,570 per quintal respectively.

Following are today's quotations (in Rs per quintal)
Sugar retail markets - Rs 30.00-34.00 per kg.
Sugar ready: M-30 Rs 2,580-2,740 S-30 Rs 2,570-2,730.
Mill delivery: M-30 Rs 2,450-2,580 S-30 Rs 2,440-2,550.
Sugar mill gate (including duty): Mawana Rs 2470, Kinnoni Rs 2,580, Asmoli Rs 2,570, Dorala Rs 2,480, Budhana Rs 2,490, Thanabhavan Rs 2,480, Dhanora Rs 2,490, Simbholi Rs 2,570, Modi Nagar Rs 2,470, Khatuli Rs 2,550, Dhampur 2,480, Ramala Rs 2,540, Bulandshahr Rs 2,550, Anupshar Rs 2,530, Baghpat Rs 2,550, Morna Rs 2,550, Sakoti Rs 2,540, Chandpur Rs 2,540, Nazibabad Rs 2,540.