Sugar prices plunge on bumper stocks, thin demand

Sugar prices went down by Rs 55 per quintal at the wholesale market in the national capital today following bumper stocks amid weak demand.

Marketmen said, ample availability of ready stocks on ceaseless supplies from mills due to record production this year, powered by limited offtake by stockists and bulk consumers, mainly led to the downfall in the sweetener's prices.

Coming to the price section, sugar ready M-30 and S-30 prices declined by Rs 30 each to end the day at Rs 2,900-3,030 and Rs 2,890-3,020 per quintal, respectively.

Mill delivery M-30 and S-30 prices also dropped by Rs 15 each to finish at Rs 2,730-2,860 and Rs 2,720-2,850 per quintal, respectively.

In mill gate section, sugar Budhana and Thanabhavan lost the most by falling Rs 55 each to Rs 2,765 and Rs 2,755, while Sakoti slipped by Rs 50 to Rs 2,730 per quintal.

Prices of Dorala, Shamli and Malakpur fell by Rs 45 each to Rs 2,760, Rs 2,745 and Rs 2,735, meanwhile, Modinagar moved down by Rs 40 to Rs 2,755 per quintal.

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