Sugar prices spurt on robust demand, lower supply

Sugar prices shot-up at the Vashi wholesale sugar market here today due to heavy buying by stockist and bulk consumers amidst supply shortfall.
Meanwhile, strong upcountry demand as well as restricted arrivals from key growing belts too supported the uptrend.
The sugar market today opened after a gap of 22 days due indefinite strike called by traders in protest against Local Body Tax (LBT) imposed by the government.
Small sugar (S-30) surged by Rs 27/57 per quintal to Rs 3,127/3,232 from previous closing level of Rs 3,100/3,175.
Medium sugar (M-30) also rose by Rs 30/40 per quintal to Rs 3,232/3,421 as against Rs 3,202/3,381 previously.

Following are today's closing rates for sugar (per quintal) with the previous rates given in brackets:
Small sugar (S-30) quality: Rs 3,127/3,232 (Rs 3,100/3,175.
Medium sugar (M-30) quality: Rs 3,232/3,421 (Rs 3,202/3,381).