Mumbai, May 8:

Sugar market’s indefinite strike against local body tax (LBT) entered on eighth day on Wednesday.

Physical sugar prices at mill level ruled unchanged on Wednesday as most of the wholesale markets of Maharashtra were closed in protest of LBT and slack demand in middle-month.

Heavy short covering by speculators pushed up May futures by Rs 42 till noon.

In the Vashi wholesale market, due to strike there were no arrivals or local dispatches.

On Tuesday evening, 15-16 mills offered tenders and sold 38,000 – 40,000 bags at Rs 2,920-3,000 (Rs 2,920-3,000) for S-grade and Rs 3,000-3,060 (Rs 3,000-3,060) for M-grade. Mumbai, Pune, Nagpur, Chinchwad’s market was closed.

On the National Commodities and Derivatives Exchange, sugar June futures was higher by Rs 8 to Rs 2,964, July increased by Rs 6 to Rs 3,001 and August by Rs 14 to Rs 3,041 till noon.