Sugar prices were slightly firm on Monday tracking extended gain in futures market and on expectation of higher demand in start of the month. Vashi APMC wholesale market observed one-day token bandh in support of call given by Federations of Associations of Maharashtra (FAM) against the State Government’s decision to implement local body tax in place of octroi in seven cities of the State .

A Vashi-based wholesaler said: “There were no activities, new business, loading and unloading of the goods in the markets. The decision of token bandh was taken earlier so very little arrivals were witnessed. Retail brokers also joined the bandh so there were no new business or loading from the market. The market sentiment was positive on expectation of higher local demand at the start of the new month and ahead of Gudi Padva – Ram Navami festivals . Domestic futures prices showed firm trend.”

On the NCDEX, sugar May futures closed higher by Rs 22 to Rs 3,001, June contracts ended higher at Rs 3,060 (Rs 3,052) and July at Rs 3,110 (Rs 3,109) till noon.

On Saturday evening, about 11-12 mills offered tenders and sold 33,000-35,000 bags to local traders at steady price of Rs 2,920-2,960 (Rs 2,920-2,960) for S-grade and Rs 2,975-3,130 (Rs 2,970-3,130) for M-grade.

Nominal spot rates at Vashi market were: S-grade Rs 3,082-3,161 (Rs 3,082-3,161) and M-grade Rs 3,150-3,361 (Rs 3,150-3,361). Naka delivery rates were: S-grade Rs 3,020-3,050 (Rs 3,020-3,050) and M-grade Rs 3,100-3,230 (Rs 3,100-3,220).