Sugar prices drop on mounting stocks

Amid ample stocks against limited offtake, sugar prices came down sharply by up to Rs 70 per quintal at the wholesale market in the national Wednesday.

Marketmen attributed a steep fall in the prices to huge stock positions following increased supplies, driven by record output.

Besides, absence off necessary offtake by stockists and bulk consumers, too, weighed on prices, they added.

Meanwhile, country's ouput reached at record 32 million tonnes in the 2017-18 season (October-September).

Sugar ready M-30 and S-30 prices plunged by Rs 70 each to finish the day at Rs 3,250-3,440 and Rs 3,240-3,430 per quintal.

Sugar mill delivery M-30 and S-30 prices too fell by Rs 60 each to Rs 3,040-3,210 and Rs 3,030-3,200 per quintal.

In the mill gate section, sugar Dhampur declined the most by Rs 65 to Rs 3,050 per quintal.

Sugar Sakoti and Modinagar dipped by Rs 55 each to close at Rs 3,070 and Rs 3,075, while Budhana, Thanabhavan and Malakpur dropped by Rs 50 each to Rs 3,095, Rs 3,085 and Rs 3,070 per quintal respectively.

Prices of Mawana, Shamli and Dorala slipped by Rs 45 each to Rs 3,100, Rs 3,055 and Rs 3,100, meanwhile, Asmoli, Dhanora and Simbholi fell by Rs 40 each to all settle at Rs 3,180 each per quintal.

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