Sugar prices plummet on ample stock, thin demand

Sugar prices fell sharply by up to Rs 140 per quintal at the wholesale market in the national capital Friday on mounting stocks following relentless supplies from mills amid scattered demand.

Marketmen said soaring stocks on the back of persistent supplies form mills against absence of necessary buying support at prevailing higher levels, largely dragged down sweetener prices.

Meanwhile, country has seen the record production of about 32 million tonnes in the 2017-18 season (October-September).

Sugar mill delivery M-30 and S-30 prices tumbled by Rs 140 each to conclude the day at Rs 3,130-3,425 and Rs 3,120-3,415 as compared to overnight close of Rs 3,270-3,490 and Rs 3,260-3,480 per quintal.

Likewise, sugar ready M-30 and S-30 prices plunged by Rs 90 each to end at Rs 3,470-3,660 and Rs 3,460-3,650 per quintal.

In the mill gate section, sugar Dhampur lost the most by Rs 140 to Rs 3,130, Shamili dipped by Rs 100 to Rs 3,160, Dhanora by Rs 95 to Rs 3,375, Asmoli and Khatuli fell by Rs 80 each to Rs 3,390 each per quintal.

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