Sugar prices lowest in 27 months; lack of demand to reduce rates further

Lack of demand to reduce rates further; markets await export incentives to arrest fall

Sugar prices declined by up to 1 per cent to hit the lowest in 27 months in the wholesale Vashi mandi here on Friday due to increased supply from stockists and lack of demand.

On Friday, the benchmark variety of sugar ‘M’ declined by Rs 15-30 to close at Rs 3,060-3,272 a quintal in the Agricultural Produce Market Committee (APMC), Vashi. Its median price (average of high and low) dipped by Rs 22 to Rs 3,166 a quintal. The ex-factory price, however, has declined by Rs 70 to trade at Rs 2,750-2,800 a quintal against the closing price of Rs 2,820-2,870