Sugar prices plunge on subdued demand, mounting stocks

Sugar prices drifted lower by Rs 75 per quintal at the wholesale market in the national capital today largely pressurised by relentless supplies from mills combined with scattered buying by stockists and bulk consumers.
Marketmen said ample ready stocks in the market following steady inflow of supplies from mills after the government allowed to import duty free 5 lakh metric tonnes sugar to meet the demand and controlled unexpected fluctuations, mainly weighed on sweetener prices.
Sugar ready M-30 and S-30 prices tumbled down by Rs 70 each to end at Rs 3,820-3,970 and Rs 3,810-3,960 per quintal.
Mill delivery M-30 and S-30 prices also settled lower by Rs 70 each to conclude at Rs 3,520-3,620 and Rs 3,510-3,610 per quintal.

In millgate section, sugar Khatuli, Modinagar and Kinnoni dropped by Rs 75 each to Rs 3,600, Rs 3,565 and Rs 3,620, while Mawana, Asmoli, Dorala, Sakoti, Budhana and Chandpur dipped by Rs 60 each to Rs 3,590, Rs 3,600, Rs 3,590, Rs 3,560, Rs 3,590 and Rs 3,560 per quintal.
Prices of Simbholi weakened by Rs 50 to Rs 3,610 while Dhanora and Thanabhavan by Rs 45 each to Rs 3,605 and Rs 3,585 per quintal.

Following are today's quotations (in Rs per quintal).
Sugar retail markets - Rs 38.00-41.00 per kg.
Sugar ready: M-30 Rs 3,820-3,870, S-30 Rs 3,810-3,960.

Mill delivery: M-30 Rs 3,520-3,620, S-30 Rs 3,510-3,610.
Sugar millgate (including duty): Mawana Rs 3,590, Kinnoni Rs 3,620, Asmoli Rs 3,600, Dorala Rs 3,590, Budhana Rs 3,590, Thanabhavan Rs 3,585, Dhanora Rs 3,605, Simbholi Rs 3,610, Khatuli Rs 3,600, Dhampur Rs 3,565, Ramala Rs 3,530, Anupshaher Rs 3,525, Baghpat Rs 3,540, Morna Rs 3,535, Sakoti Rs 3,560, Chandpur Rs 3,560, Nazibabad Rs 3,525 and Modinagar 3,565.