Sugar prices drop on weak demand, supply pressure

Sugar prices plunged by up to Rs 130 per quintal at the wholesale market in the national capital today owing to subdued demand amid increased supplies.
Marketmen said fall in demand and pick up in supplies after the government allowed to import duty free 5 lakh metric tonne sugar to meet the demand and controlled unexpected fluctuations, mainly weighed on sweetener prices.
Sugar ready M-30 and S-30 prices tanked by Rs 130 to settle at Rs 3,810-3,920 and Rs 3,800-3,910 per quintal.
Mill delivery M-30 and S-30 prices also tumbled down by Rs 60 each to finish at Rs 3,520-3,630 and Rs 3,510-3,620 per quintal.

In the millgate section, sugar Khatuli, Chandpur, Kinnoni,Dhampur, Sakoti, Dorala, Simbholi, Asmoli, Budhana, Thanabhavan and Modinagar slipped up to Rs 70 per quintal to Rs 3,615,Rs 3,560, Rs 3,630, Rs 3,570, Rs 3,570, Rs 3,600, Rs 3,615,Rs 3,610, Rs 3,605, Rs 3,600 and Rs 3,590 per quintal respectively.
Following are today's quotations (in Rs per quintal)

Sugar retail markets - Rs 39.00-43.00 per kg.
Sugar ready: M-30 Rs 3,980-4,050, S-30 Rs 3,970-4,040.
Mill delivery: M-30 Rs 3,550-3,690, S-30 Rs 3,540-3,680.
Sugar millgate (including duty): Mawana Rs 3,655, Kinnoni Rs 3,690, Asmoli Rs 3,660, Dorala Rs 3,655, Budhana Rs 3,655, Thanabhavan Rs 3,650, Dhanora Rs 3,650, Simbholi Rs 3,670, Khatuli Rs 3,685, Dhampur Rs 3,630, Ramala Rs 3,560, Anupshaher Rs 3,550, Baghpat Rs 3,570, Morna Rs 3,565, Sakoti Rs 3,630, Chandpur Rs 3,630, Nazibabad Rs 3,560 and Modinagar 3,640.