Sugar drops on poor demand, heavy supply

Sugar prices dropped at the Vashi wholesale market here today due to reduced demand from bulk traders and stockists on the back of higher supplies.

Medium sugar (M-30) declined by Rs 6/20 per quintal to Rs 3,236/3,396 from Tuesday's closing level of Rs 3,242/3,416.

Small sugar (S-30) also fell by Rs 12/6 per quintal to Rs 3,100/3,245 as against Rs 3,112/3,251 previously.

Following are today's closing rates for sugar (per quintal) with the previous rates given in brackets:

Medium sugar (M-30) quality: Rs 3,236/3,396 (Rs 3,242/3,416).

Small sugar (S-30) quality: Rs 3,100/3,245 (Rs 3,112/3,251).