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Our Bureau

Mumbai , Oct. 18

SUGAR spot prices on Tuesday fell sharply by about Rs 25 a quintal at the Vashi wholesale market (Navi Mumbai) on rumours that the Centre might release 2 lakh tonnes of extra free sale quota sugar for this month.

Medium grade (M-30) was down Rs 25 to Rs 1,885/1,930 a quintal over previous close, while small grade (S-30) was steady at Rs 1,818/1,841 a quintal.

Futures prices at the NCDEX were also down by Rs 15 a quintal for medium grade over previous close.

"Prices are holding at particular level and there is no expectation of extra free sale quota. It is just a rumour. Current month's quota is quite enough to cater festival demand," Mr Prakash Naiknavaare, Managing Director of Maharashtra State Co-operative Sugar Factories Federation Ltd, told Business line.

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