Sugar plunges on demand slump amid supply pressure

Sugar prices fell sharply at the Vashi wholesale market here due to heavy selling by millers on concerns over falling demand as well as poor enquiries from upcountry dealers.

Small sugar (S-30) plummeted by Rs 66/20 per quintal to Rs 3,000/3,175 from Thursday's closing level of Rs 3,066/ 3,195.

Medium sugar (M-30) also dropped by Rs 16 per quintal to Rs 3,180/3,350 as against Rs 3,196/3,350 previously.

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

Small sugar (S-30) quality: Rs 3,000/3,175 (Rs 3,066/3,195.

Medium sugar (M-30) quality: Rs 3,180/3,350 (Rs 3,196/3,350).