Sugar prices melt on higher output estimates

9. Vishwaraj Sugar Industries: Listed on October 15, 2019 on the BSE and NSE, the stock has returned 33 percent so far. It had an issue size of Rs 60 crore. (Representative Image Source: Reuters)

Sugar saw a fall of Rs 40 per quintal in its prices at the wholesale market in the national today on higher output estimates.

The Indian Sugar Mills Association (ISMA) has pegged 251 lakh tonnes (lt) sugar output this year as against 202 lt in the last year.

Releasing the latest production figures, ISMA said sugar production during October-November reached 39.51 lt, much higher than 27.82 lt in the year-ago period.

Marketmen said mounting stocks on constant supplies from mills coupled with slack offtake by stockists and bulk consumers also kept pressure on sweetener prices.

Coming to price section, sugar ready M-30 and S-30 traded lower by Rs 40 each to settle the day at Rs 3,610-3,760 and Rs 3,600-3,750 per quintal.

Mill delivery M-30 and S-30 prices also dropped by Rs 25 each to Rs 3,405-3,545 and 3,395-3,535 per quintal.

In the millgate section, sugar Anupshaher dropped the most by Rs 35 to Rs 3,405, followed by Nazibabad by falling Rs 30 to Rs 3,410 per quintal.

Sugar Dhampur, Ramala, Baghpat, Morna and Nanota declined by Rs 25 each to Rs 3,405, Rs 3,410, Rs 3,420, Rs 3,415 and Rs 3,405, while Budhana, Thanabhavan, Chandpur and Khatuli fell by Rs 20 each to Rs 3,470, Rs 3,465, Rs 3,425 and Rs 3,535 per quintal.

Following are today's quotations (in Rs per quintal)

Sugar retail markets - Rs 37.00-40.00 per kg.

Sugar ready: M-30 Rs 3,610-3,760, S-30 Rs 3,600-3,750.

Mill delivery: M-30 Rs 3,405-3,545, S-30 Rs 3,395-3,535.

Sugar millgate (including duty): Mawana Rs 3,470, Kinnoni Rs 3,545, Asmoli Rs 3,525, Dorala Rs 3,475, Budhana Rs 3,470, Thanabhavan Rs 3,465, Dhanora Rs 3,520, Simbholi Rs 3,530, Khatuli Rs 3,535, Dhampur Rs 3,405, Ramala Rs 3,410, Anupshaher Rs 3,405, Baghpat Rs 3,420, Morna Rs 3,415, Sakoti Rs 3,450, Chandpur Rs 3,425, Nazibabad Rs 3,410, Modinagar 3,455, Shamli 3,465, and Nanota 3,405.