There has been a significant decline in the price of sugar in the wholesale market. A 50 kg sack, which was priced at Rs 10,500 a few days ago, is now being sold for Rs 9,300.
According to traders, crushing of the new crop has begun, which has increased supply and this is the reason for the softening of prices in the market.
Market sources say that the improved balance of supply and demand has pushed down sugar prices, while further decline is expected in the coming weeks.
Traders claim that the continuous increase in sugar supply during December may lead to a decline in prices at the retail level as well, which will provide relief to the common consumer.
An economic analyst said that if the crop production remains strong, the market will remain stable in the coming days, and sugar prices may even fall below the current level.
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