Sugar closes lower on reduce offtake, ample supply

Sugar prices declined by Rs 40 per quintal today following ample supply amid reduced offtake.

Market analysts said, fall in demand amid increased supply from mills, brought down the sugar prices.

Sugar ready medium and second grade prices fell from Rs 3,140-3,265 and Rs 3,115-3,240 to settle at Rs 3,125-3,225 and Rs 3,100-3,200 per quintal.

Mill delivery medium and second grade prices also fell from Rs 2,890-3,065 and Rs 2,880-3,055 to end at Rs 2,875- 3,040 and Rs 2,860-3,025 per quintal, respectively.

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

Sugar ready M-30 3,125-3,225 and S-30 3,100-3,200
Mill delivery M-30 2,875-3,040 and S-30 2,860-3,025

Sugar mill gate prices (excluding duty): Kinonni 3,000, Asmoli 2,990, Mawana 2,965, Titabi 2,960, Thanabhavan 2,930, Budhana 2920 and Dorala 2,960