Sugar prices dip on bumper stocks, weak demand

Sugar prices tumbled by Rs 65 per quintal at the wholesale market in the national capital today following bloated ready stocks on ceaseless supplies from mills amid need base buying by stockist and bulk consumers.
Marketmen said abound availability of sugar in the market on constant supplies from mills, triggered by selective buying by stockist and bulk consumers such as soft-drink and ice-cream makers mainly dragged down sweetener prices lower.
Bumper output this year was the main reason behind the downtrend in sugar prices.
Meanwhile, Indian Sugar Mills Association (ISMA), representative of India's private sugar mills, has revised country's 2017-18 sugar production upward by about 13% at 29.5 million tonnes from its second advance estimate of 26.1 million tonnes.

Sugar ready M-30 and S-30 prices drifted lower by Rs 65 each to end at Rs 3,330-3,460 and Rs 3,320-3,450 per quintal.
Mill delivery M-30 and S-30 prices also dipped by Rs 50 each to settle at Rs 3,140-3,280 and Rs 3,130-3,270 per quintal.

In mill gate section, sugar Khatuli tumbled down by Rs 50 to Rs 3,265, Kinnoni slipped by Rs 45 to Rs 3,280, while Asmoli declined by Rs 40 to Rs 3,245 per quintal.
Prices of Simbholi and Dhampur fell by Rs 35 each to Rs 3,270 and Rs 3,160, while Mawana, Budhana, Thanabhavan, Dhanora and Modinagar decreased by Rs 30 each to Rs 3,200, Rs 3,215, Rs 3,205, Rs 3,255 and Rs 3,185 per quintal respectively.

Following are today's quotations (in Rs per quintal)
Sugar retail markets - Rs 33.00-37.00 per kg.
Sugar ready: M-30 Rs 3,330-3,460, S-30 Rs 3,320-3,450.
Mill delivery: M-30 Rs 3,140-3,280, S-30 Rs 3,130-3,270.
Sugar millgate (including duty): Mawana Rs 3,200, Kinnoni Rs 3,280, Asmoli Rs 3,245, Dorala Rs 3,200, Budhana Rs 3,215, Thanabhavan Rs 3,205, Dhanora Rs 3,255, Simbholi Rs 3,270, Khatuli Rs 3,265, Dhampur Rs 3,160, Sakoti 3,180, Modinagar 3,185, Shamli 3,200, Malakpur 3,180, Ramala not available, Anupshaher N.A, Baghpat N.A.,Morna N.A., Chandpur N.A., Nazibabad N.A and Nanota N.A.