Mumbai, April 29:

Retail offtake of sugar is expected to rise the next two days as Maharashtra traders are likely to intensify their strike against the local body tax.

Sources said that the traders, including those in sugar, dry fruits, spices, gur, colour and chemicals, coconut and others business, have decided to join the strike from May 1.

The trend was reflected in the futures market, where prices were up by Rs 23-24 on expectation of higher physical demand ahead of the indefinite bandh from Wednesday, said sources.

On Monday, sugar prices on the Vashi wholesale market ruled steady with the fine quality gaining marginally and the fair quality dropping a tad as local demand was thin.

In the spot market, prices dropped by Rs 5-10, while naka rates showed a mixed trend. Mill tender rates ruled unchanged due to subdued demand. In the Vashi market, new arrivals were about 62-63 truckloads, while local off take was about 63-64. On Saturday evening, 8-10 mills offered tenders and sold 25,000-30,000 bags at Rs 2,900-2,970 (Rs 2,900-2,970) for S-grade and Rs 2,980- 3,060 (Rs 2,980 - 3,090) for M-grade.

On the National Commodities and Derivatives Exchange, sugar June futures were up by Rs 24 to Rs 2,980 (Rs 2,956), July contracts were Rs 3,010 (Rs 2,987) and August was Rs 3,035 (Rs 3,024) till noon.

The Bombay Sugar Merchants Association’s spot rates were: S-grade Rs 3,072-3,171 (Rs 3,076-3,171) and M-grade Rs 3,200-3,361 (Rs 3,162-3,381). Naka delivery rates: S-grade Rs 3,020-3,050 (Rs 3,000-3,050) and M-grade Rs 3,080-3,180 (Rs 3,080-3,200).