Sugar prices on the Vashi wholesale market shot up by more than Rs 100 a quintal on Thursday tracking bullish futures. Sugar futures were up by Rs 50-80 a quintal till noon on the National Commodity and Derivatives Exchange (NCDEX).

Arrivals and local dispatches were negligible as the market was closed for Raksha Bandhan . In the physical market, prices shot up by Rs 100-150 tracking similar rise in naka rates. Mills sold sugar at Rs 80-100 higher resulting in a sharp rise in spot market.

A wholesaler said that there were no fresh activities except some loading and unloading of commodity in the market. Due to holiday most brokers and traders stayed away. M-grade prices touched a record Rs 3,750/quintalmark in retail due to continuous rise in futures price. In Vashi market, thin arrivals were unloaded till noon but there were no local dispatches. On Wednesday evening, only 14-15 mills offered tenders and sold about 74,000-75,000 bags (of 100 kgs each) to local stockists in the range of Rs 3,450-3,520 (Rs 3,370-3,425) for S-grade and Rs 3,540-3,600 (Rs 3,435-3,520) for M-grade.

In spot prices were (Rs/quintal): S-grade Rs 3,600-3,650 (Rs 3,491-3,572) and M-grade Rs 3,690- 3,740 (Rs 3,531- 3,651).

Nakadelivery rates were: S-grade Rs 3,560 -3,625 (Rs 3,460 -3,510) and M-grade Rs 3,660-3,720 (Rs 3,510-3,600).

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