Sugar prices dip on record production

Sugar prices dipped by Rs 180 per quintal at the wholesale market in the national capital today following bumper output amid weak demand.

Marketmen said record production estimate of 29.5 million tonnes this year mainly weighed down on sugar prices.

The latest projections by the Indian Sugar Mills Association (ISMA) are 13 per cent higher than the previous estimate of 26.1 mt.

Besides, weak demand from stockist and bulk consumers such as soft-drink and ice-cream makers too pulled down sweetener prices, they added.

In price section, sugar ready M-30 and S-30 prices tumbled down by Rs 180 each to settle at Rs 3,150-3,270 and Rs 3,140-3,260 per quintal.

Mill delivery M-30 and S-30 prices also plunged by Rs 170 each to end the day at Rs 2,950-3,115 and Rs 2,940-3,105 per quintal.

In mill gate section, sugar Mawana plummeted by Rs 175 to Rs 2,975, Budhana and Thanabhavan declined by Rs 170 each to Rs 2,980 and Rs 2,970 per quintal.

Sugar Dorala slipped by Rs 160 to Rs 2,980, while Asmoli, Dhampur, Dhanora, Modinagar Sakoti and Malakpur also fell by Rs 150 each to Rs 3,030, Rs 2,950, Rs 3,030, Rs 2,970, Rs 2,950 and Rs 2,955 per quintal respectively.

Following are today's quotations (in Rs per quintal)