Sugar prices at seven-year lows on ample stocks

Sugar prices dipped to almost seven-year lows by falling Rs 100 per quintal at the wholesale market in the national capital today, dragged down by mounting stocks in the market following persistent suppliers from mills amidst higher output estiamtes.
Besides, sluggish demand form bulk consumers such as icre-cream and soft-drink makers too weighed on the sweetner prices.
Sugar ready M-30 and S-30 prices plunged by Rs 100 each to finish at Rs 2,400-2,550 and Rs 2,390-2,540 per quintal, a lowest level in almost seven years.
Also, mill delivery M-30 and S-30 prices dropped by Rs 35 each to Rs 2,350-2,435 and Rs 2,325-2,415 per quintal.

In millgate section, sugar Kinnoni, Budhana, Thanabhavan and Mawana lost Rs 35 each to Rs 2,435, Rs 2,355, Rs 2,345 and Rs 2,370 per quintal.
In tune with overall trends, sugar Modinagar, Khatuli, Simbholi and Dorala also fell up to Rs 25 each to Rs 2,360, Rs 2,415, Rs 2,410 and Rs 2,375 per quintal.

At retail market in the national capital, sugar prices were quoted between Rs 25 to Rs 30 per kg.
Traders said sentiments was so weak even summer season demand from bulk consumers and the government measures to support strugling mills, failed to check persistent fall in sugar prices.

Meanwhile, sugar production is estimated to touch all-time high of 28.3 million tonnes (MT) this marketing year.
Following are today's quotations (in Rs per quintal)
Sugar retail markets - Rs 26.00-31.00 per kg.
Sugar ready: M-30 Rs 2,400-2,550 S-30 Rs 2,390-2,540.
Mill delivery: M-30 Rs 2,350-2,435 S-30 Rs 2,325-2,415.
Sugar millgate (including duty): Mawana Rs 2,370, Kinnoni Rs 2,435, Asmoli Rs 2,405, Dorala Rs 2,375, Budhana Rs 2,355, Thanabhavan Rs 2,345, Dhanora Rs 2,400, Simbholi Rs 2,410, Modi Nagar Rs 2,360, Khatuli Rs 2,415, Dhampur 2,340, Ramala Rs 2,380, Bulandshaher Rs 2,380, Anupshaher Rs 2,370, Baghpat Rs 2,390, Morna Rs 2,390, Sakoti Rs 2,370, Chandpur Rs 2,380, Nazibabad Rs 2,370 and Malakpur 2,325.