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 Rs 70 per quintal. Moreover, reduced offtake by stockists and bulk consumers too kept pressure on the sweeteners 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 Rs 31.5 to 32 million tonnes.
Coming to price section, sugar ready M-30 and S-30 dropped by Rs 50 each to end the week at Rs 2,760-2,880 and Rs 2,750-2,870 per quintal, respectively.
Likewise, mill delivery M-30 and S-30 prices slipped by Rs 60 each to conclude the week at Rs 2,550-2,680 and Rs 2,540-2,670 per quintal, respectively.
In mill gate section, Sugar asmoli prices dipped by Rs 70 during the week to finish at Rs 2,650, followed by Budhana and Sakoti sliding by Rs 65 each to Rs 2,590 and Rs 2,570 per quintal, respectively.
Sugar Mawana, Kinnoni and Khatuli plunged by Rs 60 each to Rs 2,590, Rs 2,680 and Rs 2,675, respectively. On the other hand, Dorala and Dhampur slipped by Rs 55 each to end at Rs 2,590 and Rs 2,555 per quintal, respectively.
Prices of Thanabhavan, Dhanora, Simbholi, Modinagar and Shamli also receded by Rs 45 each to Rs 2,600, Rs 2,670, Rs 2,675, Rs 2,590 and Rs 2,580 and Malakpur moved down by Rs 40 to Rs 2,585 per quintal, respectively.