Sugar prices drop on sluggish demand amid supply pressure

Prices of both varieties of sugar dropped at the Vashi wholesale market here today due to subdued demand from stockists and bulk consumers in the face of higher arrival from mills.
Adequate stock position in the regions along with robust output estimates this year further dampened the sentiment.
Medium sugar (M-30) slumped by Rs 24 to 2,436/2,660 per quintal from Wednesday's closing level of Rs 2,460/2,660.
Small sugar (S-30) also declined by Rs 10/6 per quintal to Rs 2,312/2,515 against Rs 2,322/2,521 yesterday.
Following are today's closing rates for sugar (per quintal) with the previous rates given in brackets:
Medium sugar (M-30) quality: Rs 2,436/2,660 (Rs 2,460/2,660).

Small sugar (S-30) quality: Rs 2,312/2,515 (Rs 2,322/2,521).