Sugar prices dip on arrivals

Sugar prices have come down by Rs 10 - 20 per quintal and it is further expected to go down by Rs 20 - 25 in coming days due to oversupply from all sugar producing centres.

"Sugar supplies are overwhelming so the prices are declining," a trader said.

In Uttar Pradesh (UP), daily arrivals in Agra are around 3,500 quintals. The prices slipped by Rs 10 today and it may go down further by Rs 20 tomorrow. Supply of new sugar has already started in the local market of Dhanaura and the prices were down by Rs 10 today, but the outlook for tomorrow may be stable.

In Muzaffarnagar, the arrivals have stopped due to stock clearance by sugar mills. Today the price was down by Rs 10, and it may remain stable tomorrow. In Gajaraula, daily arrivals are around 700 quintals and prices are down by Rs 10. Despite daily arrivals of about 700 quintals, prices are up by Rs 10 in Bijnor.

In Maharashtra, daily arrivals in Akola are 1,000 quintals and the local market is more or less stable but the prices may decline by Rs 10 - 15. In Khamgaon, the daily arrivals are 500-600 quintals and prices are expected to decline by Rs 10.

In Latur, the market is stable but prices are projected to go down by Rs 10. In Kolhapur, Karad and Sangli, the monthly arrivals are around 2,00,000 quintals which has lead to prices declining by Rs 10. It may go down further by Rs 20 tomorrow. At Shrirampur, prices are down by Rs 10.

In Nagpur, sugar prices went down by Rs 10 due to high daily arrivals of around 2,000 quintals. Sugar prices are expected to remain lower by Rs 20 throughout Maharashtra because of oversupply. Sugar prices in Nanded too went down by Rs 10 on arrivals of around 500 quintals.

In all other centres such as Gujarat and Rajasthan, sugar prices are all set to come down by Rs 20-30 due to huge arrivals in all major mandis.