Mumbai, May 22:

The Vashi wholesale sugar market will reopen on Thursday as traders have decided to suspend their agitation against the Local Body Tax.

Sugar prices in Vashi ruled steady on Wednesday, tracking weak futures market on Wednesday. Sentiments remained cautious despite traders making fresh purchases from producers.

There were no loading – unloading of commodity in Vashi market as market was opened for one day on last Saturday when most of the inventories were disposed of by stockists to local retailers.

Mukesh Kuwadia, Secretary of Bombay Sugar Merchants Association, said, “From Thursday trading in Vashi market will become normal – as usual with arrivals of new stocks from the mills. About 60 – 70 truckloads (each of 100 bags) of sugar from producers are expected in the market on Thursday.

Stockists have called off agitation temporarily against the new tax but further course of action will be decided by the Federation of Associations of Maharashtra (FAM)’s Friday’s meeting.”

On Tuesday evening, about 15-16 mills offered tenders and sold more 1.25-1.50 lakh bags to local traders in the price range of Rs 2,960-3,020 for S-grade and Rs 3,070-3,120 for M-grade. Freight rates shot up to Rs 100-105 a bag on shortage of trucks at producing centres.

On the NCDEX, sugar June futures dropped by Rs 19 to Rs 3,077 , July contracts by Rs 12 to Rs 3,126 and August by Rs 12 to Rs 3,186.