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Sugar prices decline on ample supply, muted buying

Press Trust of India  |  New Delhi 

Sugar prices dropped by Rs 50 per quintal at the wholesale market in the national capital today following mounting stocks on constant arrivals from mills amid limited offtake by stockists and bulk consumers.

Besides, rumours of a cut in import duty from existing 50 per cent to check speculative activity ahead of festive season and put a brake on the surging sweetener prices, hurt sentiment, traders said.

Meanwhile, the is considering to import 3 to 5 lakh tonnes of sugar to ensure ample availability during the festive season in the market.

Sugar ready M-30 and S-30 prices dipped by Rs 50 each to end the day at Rs 4,000-4,100 and Rs 3,990-3,090 per quintal.

Sugar prices have come down by Rs 150 per quintal since Monday.

Mill delivery M-30 and S-30 prices also slipped by 20 each to close at Rs 3,650-3,840 and Rs 3,640-3,830 per quintal.

In the millgate section, sugar Baghpat, Morna and Nanota declined the most by Rs 25 each to Rs 3,675, Rs 3,670 and Rs 3,660 per quintal.

Prices of Kinnoni, Simbholi, Khatuli, Ramala, Anupshaher, Sakoti, Nazibabad and Chandpur also fell by Rs 20 each to Rs 3,840, Rs 3,820, Rs 3,775, Rs 3,665, Rs 3,640, Rs 3,690, Rs 3,650 and Rs 3,690 per quintal respectively.

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

Sugar retail markets - Rs 40.00-44.00 per kg.

Sugar ready: M-30 Rs 4,000-4,100, S-30 Rs 3,990-3,090.

Mill delivery: M-30 Rs 3,650-3,840, S-30 Rs 3,640-3,830.

Sugar millgate (including duty): Mawana Rs N.Q., Kinnoni Rs 3,840, Asmoli Rs 3,760, Dorala Rs 3,735, Budhana Rs 3,730, Thanabhavan Rs 3,725, Dhanora Rs 3,740, Simbholi Rs 3,820, Khatuli Rs 3775, Dhampur Rs 3,695, Ramala Rs 3,665, Anupshaher Rs 3,640, Baghpat Rs 3,675, Morna Rs 3,670, Sakoti Rs 3,690, Chandpur Rs 3,690, Nazibabad Rs 3,650, Modinagar N.Q., Shamli 3,705 and Nanota 3,660.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, August 10 2017. 15:02 IST