Sugar closes lower on ample supply

Sugar prices lost Rs 25 per quintal following ample supply, amid reduced offtake.

Market analysts said increased arrivals from mills against reduced offtake pulled down sugar prices.

Sugar ready medium and second grade price slipped from Rs 3,100-3,250 and Rs 3,075-3,225 to settle at Rs 3,100-3,225 and Rs 3,075-3,200 per quintal, respectively.

Mill delivery medium and second grade price also drifted from Rs 2,850-3,050 and Rs 2,840-3,040 to close at Rs 2,850- 3,025 and Rs 2,840-3,015 per quintal, respectively.

Among millgate section, sugar kinnoni declined by Rs 20 to Rs 3,020 while asmoli quoted lower at Rs 3,010 from Rs 3,030 per quintal.

The following were today's quotation in Rs per quintal. 

Sugar ready M-30 3,100-3,225 and S-30 3,075-3,200
Mill delivery M-30 2,850-3,025 and S-30 2,840-3,015

Sugar mill gate prices (excluding duty): Kinonni 3,020, Asmoli 3,010, Mawana 2,985, Titabi 2,980, Thanabhavan 2,940, Budhana 2950, and Dorala 2,990