Mumbai, April 15: Sugar prices shot up by Rs.50-90 a quintal at the mill level in Maharashtra on higher demand which pushed up spot prices on the Vashi wholesale market by Rs.30-60 and naka level by Rs.50-60. The volume at mill and market level remained higher than usual on Tuesday as stockists kept increasing inventories considering that summer has begun. Jagdish Rawal of B. Bhogilal & Co told Business Line: “Continuous buying at mill level at higher price was pushing market up despite need-based retail demand. On hopes of higher retail and bulk demand during April-May, stockists are building inventory. Crushing season and exports will also end soon, thus pushing prices up further .”

Arrivals at Vashi market were around 63-64 truckloads (of 100 bags each) and the local dispatches were 60-61 loads. On Monday, 20-22 mills offered tenders and sold 78,000-80,000 bags at Rs.3,090-3,150 (Rs.3,000-3,060) for S-grade and Rs.3,140-3,320 (Rs.3,100-3,230) for M-grade.

Bombay Sugar Merchants Association’s spot rates were: S-grade Rs.3,202-3,375 (Rs.3,142-3,360) and M-grade was Rs.3,342-3,502 (Rs.3,292-3,472). Naka delivery rates were: S-grade Rs.3,190-3,260 (Rs.3,130-3,200) and M-grade Rs.3,260-3,400 (Rs.3,250-3,350).