Sugar adds more losses on ample stocks

New Delhi: The slide in sugar prices at the wholesale market continued unabated for yet another week in the national capital largely on soaring stocks following uninterrupted supplies from mills amid record production.

Ample supply led to a fall in sugar prices by up to ₹70 per quintal. Moreover, reduced offtake by stockists and bulk consumers too kept pressure on the sweetener’s prices.

Marketmen said, persistent fall in sugar prices was mostly due to steady inflow of supplies from millers coupled with record output in this marketing year against reduced offtake by bulk consumers such as ice-cream makers, confectioners and stockists despite summer season.

According to Indian Sugar Mills Association (ISMA), sugar production in the current season (ending September) is expected to grow sharply to hit all-time high of ₹31.5 to 32 million tonnes.

Coming to price section, sugar ready M-30 and S-30 dropped by ₹50 each to end the week at ₹2,760-2,880 and ₹2,750-2,870 per quintal, respectively.

Likewise, mill delivery M-30 and S-30 prices slipped by ₹60 each to conclude the week at ₹2,550-2,680 and ₹2,540-2,670 per quintal, respectively.

In mill gate section, Sugar asmoli prices dipped by ₹70 during the week to finish at ₹2,650, followed by Budhana and Sakoti sliding by ₹65 each to ₹2,590 and ₹2,570 per quintal, respectively.

Sugar Mawana, Kinnoni and Khatuli plunged by ₹60 each to ₹2,590, ₹2,680 and ₹2,675, respectively. On the other hand, Dorala and Dhampur slipped by ₹55 each to end at ₹2,590 and ₹2,555 per quintal, respectively.

Prices of Thanabhavan, Dhanora, Simbholi, Modinagar and Shamli also receded by ₹45 each to ₹2,600, ₹2,670, ₹2,675, ₹2,590 and ₹2,580 and Malakpur moved down by ₹40 to ₹2,585 per quintal, respectively.