Sugar prices plunge on record production, weak demand

Sugar prices slumped by Rs 80 per quintal at the wholesale market in the national capital today following mounting of stocks on ceaseless supplies from mills due to record output amid need base offtake by stockists and bulk consumers.

Marketmen said, abound availability of sugar in the market on non-stop supplies from mills because of high output amid selective buying by stockists and bulk consumers such as soft-drink and ice-cream makers caused the downfall in sugar prices.

According to industry body ISMA, sugar production has touched an all-time high of 29.98 million tonnes in the current season on higher cane output, while crushing of sugarcane is still on in some mills.

Coming to the price section, sugar mill delivery M-30 and S-30 prices dipped by Rs 80 each to end the day at Rs 2,670-2,780 and Rs 2,660-2,770 per quintal, respectively.

Sugar ready M-30 and S-30 prices also dropped by Rs 50 each to end at Rs 2,880-2,980 and Rs 2,870-2,970 per quintal, respectively.

In mill gate section, sugar Kinnoni tumbled down by Rs 80 to Rs 2,780, Khatuli plummeted by Rs 70 to Rs 2,760, Mawana, Asmoli and Modinagar slipped by Rs 65 each to Rs 2,700, Rs 2,765 and Rs 2,690 per quintal, respectively.

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