Sugar prices shot up smartly at the Vashi wholesale market here today on emergence of heavy buying from stockists and bulk consumers coupled with higher consumer demand.
The market is witnessing hectic buying activity ever since the government permitted additional five lakh tonne sugar for exports.
Furthermore, the announcement of the monthly free sale quota of 17.72 lakh tonne for the month of July, which fell short of market expectations also aided the trading sentiments, traders said.
Small sugar (S-30) jumped by Rs 90/101 per quintal to Rs 2,720/2,762 from Tuesday's closing level of Rs 2,630/2,661.
Medium sugar (M-30) also spurted by Rs 80/95 per quintal to Rs 2,776/2,931 as compared to 2,681/2,851 yesterday.
The following are today's closing rates for sugar (per quintal), with the previous rates given in brackets:
Small sugar (S-30) quality: Rs 2,720/2,762 (Rs 2,630/2,661)
Medium sugar (M-30) quality: Rs 2,776/2,931 (Rs 2,681/2,851)