Sugar prices soar by Rs 300 per quintal

New Delhi: Sugar prices soared at the wholesale market in the national capital during the week under review on the back of increased offtake by bulk consumers amid tight supplies from mills and notched up gains of up to Rs 300 per quintal.

Marketmen said frantic buying by stockists and bulk consumers such as soft-drink and ice-cream makers coupled with thin supplies from mills, mainly led to the upsurge in the sweetener prices

Sentiment also got a boost following announcement of measures by the government such as raising import duty to 100 per cent from 50 per cent, followed by limiting the release of sugar by the mills, traders said.

Sugar ready M-30 and S-30 prices climbed up by Rs 300 each to end the week at Rs 3,750-3,900 and Rs 3,740-3,890 per quintal respectively.

Likewise, sugar mill delivery M-30 and S-30 prices jumped up by Rs 265 each to conclude the week at Rs 3,490-3,630 and Rs 3,480-3,620 per quintal respectively.

In the mill gate section, sugar Mawana, Budhana, Dorala and Thanabhavan shot up by Rs 300 each to finish the week at Rs 3,570, Rs 3,560, Rs 3,570 and Rs 3,550 per quintal respectively.

Sugar Dhampur rose Rs 280 to Rs 3,500, Sakoti hardened by Rs 265 to Rs 3,500, Asmoli by Rs 260 to Rs 3,580, Kinnoni, Simbholi, Khatuli, Modinagar and Shamli surged by Rs 250 each to Rs 3,630, Rs 3,580, Rs 3,600, Rs 3,470 and Rs 3,495 per quintal respectively.

Sugar prices of government-run and cooperative mills were unavailable. .