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Sugar prices shot up by Rs 30-40 a quintal on the Vashi wholesale market on Friday as new dispatches by mills fell because of the transporters' strike and retail demand ahead of the festival season beginning next week.
Prices rose by Rs 20-25 a quintal at the mill level on heavy buying by local stockists on Thursday evening. Local dispatches, however, were not hit by the strike as retail transporters eschewed the strike.
Retail demand can be met with the 8,000-8,500 bags of a quintal each present at the Vashi market for some time, but prices may rise as stocks deplete if the strike continues for long, said Mr Harakhchand Vora, Vice-President of Bombay Sugar Merchants Association. Mills, too, may find it difficult to offload this month's free-sale quota of 17.03 lakh tonnes, higher than last month, if the stir persists for long, traders said.
While 58-60 truckloads of 100 bags each arrived at the Vashi market, local dispatches were at 55-56 truckloads. On Thursday, 15-16 mills offered tenders and sold 90,000-95,000 bags at Rs 2,635-2,680 (Rs 2,615-2,660) for S-grade and Rs 2,700-2,780 (Rs 2,660-2,740) for M-grade.
Bombay Sugar Merchants Association's spot prices: S-grade Rs 2,751-2,832 (Rs 2,735-2,792) and M-grade Rs 2,811-2,991 (Rs 2,791-2,951).
Naka delivery rates: S-grade Rs 2,700-2,750 (Rs 2,680-2,710) and M-grade Rs 2,800-2,900 (Rs 2,750-2,850).
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