Sugar rebounds on heavy stockists buying

Sugar prices rebounded sharply at the Vashi Wholesale market here today on emergence of fresh buying by stockists and traders as sentiment got boosted over the government decision to allow export of sugar under the open general licence (OGL) scheme.

Since international prices are bullish, it is heartening that government has allowed exports which would surely benefit mills in view of ample production, traders said.

Medium sugar quality (M-30) rose by Rs 30/35 per quintal to Rs 2,971/3,041 from Wednesday's closing level of Rs 2,936/3,011.

Small sugar quality (S-30) also increased by Rs 30 per quintal to Rs 2,940/2,981, as against Rs 2,910/2,951 yesterday.

The following are today's closing rates per quintal, with the previous rates in brackets:

Small sugar (S-30) quality Rs 2,940/2,981 (Rs 2,910/ 2,951) and medium sugar (M-30) quality Rs 2,971/3,041 (Rs 2,936/3,011)