Sugar drops on ample stocks, weak demand

Sugar prices drifted lower by Rs 50 per quintal at the wholesale market in the national capital today, dragged down by huge stocks on persistent supplies from mills amid muted demand.
Marketmen said persistent fall in sugar prices was attributed to mounting stocks following steady inflow of supplies from mills amid beginning of crushing season, sparked by limited offtake by stockists and bulk consumers due to prevailing cash crunch in the market following banning of higher value notes by the government to flush out black money.
Sugar ready M-30 and S-30 prices dipped by Rs 50 each to end at Rs 3,670-3,750 and Rs 3,660-3,740 per quintal.

Likewise, sugar mill delivery M-30 and S-30 prices dropped by Rs 30 each to end at Rs 3,390-3,490 and Rs 3,380-3,480 per quintal.
In the millgate section, sugar Modinagar lost the most by Rs 50 to Rs 3,380, followed by Dorala by Rs 35 to Rs 3,405 per quintal.
Sugar Kinnoni fell by Rs 30 to Rs 3,490, while Mawana, Asmoli and Sakoti slipped by Rs 25 each to Rs 3,400, Rs 3,450 and Rs 3,390 per quintal.

Prices of Budhana, Thanabhavan, Simbholi and Khatuli also eased by Rs 20 each to Rs 3,430, Rs 3,420, Rs 3,475 and Rs 3,450 per quintal, respectively.

Following are today's quotations (in Rs per quintal)
Sugar retail markets - Rs 35.00-38.00 per kg.
Sugar ready: M-30 Rs 3,670-3,750, S-30 Rs 3,660-3,740.
Mill delivery: M-30 Rs 3,390-3,490, S-30 Rs 3,380-3,480.
Sugar millgate (including duty): Mawana Rs 3,400, Kinnoni Rs 3,490, Asmoli Rs 3,450, Dorala Rs 3,405, Budhana Rs 3,430,Thanabhavan Rs 3,420, Dhanora Rs 3,420, Simbholi Rs 3,475, Khatuli Rs 3,450, Dhampur Rs 3,410, Ramala Rs 3,410, Anupshaher Rs 3,410, Baghpat Rs 3,420, Morna Rs 3,420, Sakoti Rs 3,390, Chandpur Rs 3,400, Nazibabad Rs 3,400 and Modi nagar 3,380.