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 forRaksha 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).

Naka delivery 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).