Sugar price falls to five-year low at Rs 70 per quintal

Sugar prices drifted by Rs 70 per quintal to trade at almost five year low at the wholesale market in the national capital on Monday following ample stocks on persistent supplies from mills amidst weak demand.

Marketmen attributed persistent fall in the sweetner prices to heavy stocks on sustained supplies from mills against weak demand from bulk consumers, such as ice-cream and soft-drink makers.

"Mounting stocks in the market on persistent supplies by mills against low demand, dragged down sugar prices to five-year low", said a wholesale sugar trader.

Sugar ready M-30 and S-30 prices dropped by Rs 60 each to finish at Rs 2,580-2,740 and Rs 2,570-2,730 per quintal.

Similarley, mill delivery M-30 and S-30 prices dipped by same margin to close at Rs 2,450-2,600 and Rs 2,440-2,570 per quintal.

In millgate section, sugar Dorala and Thanabhavan dropped by Rs 70 each to Rs 2,490 each, while Mawana moved down by Rs 65 to Rs 2,490 per quintal.

Sugar Kinnoni and Budhana fell Rs 60 each to Rs 2,600 and Rs 2,500 per quintal, meanwhile, Asmoli, Dhanora and Dhampur lost Rs 50 each at Rs 2,590, Rs 2,500 and Rs 2,490 per quintal.

On the other hand, prices of government and Co-operative mills managed to close at previuos closing levels.