Sugar: Snapping its one-month rising streak, sugar saw

fall in its prices by up to Rs 170 per quintal at the wholesale markets in the national capital during the week after the GST Council finalised rates for most of the items last week and an increase in fair and remunerative price(FRP) for 2017-18 season.

Besides, ample stocks in the market following increased supplies from mills against limited offtake by stockists as well as bulk consumers, too weighed on sweetener prices, traders said.

Meanwhile, the GST Council finalised tax of 5 per cent on sugar which is lower than existing rates.

The government has decided to raise FRP of sugarcane by Rs 25 to Rs 255 per quintal for 2017-18 seasons that kicks-in from October, also put pressure on the sugar prices.

Limited buying by stockist and bulk consumers such as soft-drink and ice-cream makers amid constant supplies from mills on higher levels too helped pulling down the sweetener prices, they added.

Coming to price section, sugar ready M-30 and S-30 prices nosedived by Rs 170 each to finish the week at Rs 3,940-3,980 and Rs 3,930-3,970 as compared with previous week's close of Rs 4,050-4,150 and Rs 4,040-4,140 per quintal.

Similarly, mill delivery M-30 and S-30 prices dipped by Rs 85 to Rs 3,620-3,705 and Rs 3,610-3,695 from last week's close of Rs 3,700-3,790 and Rs 3,690-3,780 per quintal.

In the millgate section, sugar kinnoni dipped the most by Rs 85 to end the week at Rs 3,705, Dorala and Sakoti plunged by Rs 80 each to Rs 3,660 and Rs 3,650, while Khatuli lost Rs 75 to Rs 3,685 per quintal.

Likewise, sugar Budhana, Thanabhavan and Dhampur slipped by Rs 70 each to Rs 3,660, Rs 3,655 and Rs 3,640, while Asmoli, Dhanora, Ramala, Baghpat, Nazibabad and Chandpur fell by Rs 60 each to Rs 3,700, Rs 3,690, Rs 3,640, Rs 3,650, Rs 3,640 and Rs 3,650 per quintal, respectively.

Prices of sugar Mawana and Morna also slided by Rs 55 each to Rs 3,675 and Rs 3,640, while Simbholi and Anupshaher lost Rs 50 each to Rs 3,710 and Rs 3,640, sugar Modinagar also eased by Rs 35 at Rs 3,700 per quintal. (MORE)

(This article has not been edited by DNA's editorial team and is auto-generated from an agency feed.)