Sugar prices surge on hike in import duty

Prices of both varieties of sugar surged at the Vashi wholesale market today due to heavy speculative buying by stockists and bulk consumers on the back of the government's decision to raise import duty on the sweetener by 40 per cent.
Besides, the government has also extended sugar export subsidy of Rs 3,300 per tonne till September this year.
Small sugar (S-30) rose by Rs 52/34 per quintal to Rs 3,082/3,186 from Monday's closing level of Rs 3,030/3,152.
Medium sugar (M-30) advanced by Rs 50/35 per quintal to Rs 3,202/3,351 as compared to Rs 3,152/3,316.
Following are today's closing rates for sugar (per quintal) with the previous rates given in brackets:

Small sugar (S-30) quality: Rs 3,082/3,186 (Rs 3,030/3,152.
Medium sugar (M-30) quality: Rs 3,202/3,351 (Rs 3,152/3,316).