Maharashtra traders strike drags sugar

India News: Sugar prices dropped by Rs 10-20 a quintal at the mills level on Monday as the wholesale markets will be closed for three days starting Monday. The market closure is in protest against the imposition of local body tax. In the absence of fresh commitments --buying from traders -- selling pressure increased. Spot prices also weakened by the same margin.

As the Vashi market was closed, there were no arrivals. Sources said that the Bombay Sugar Merchants Association has decided to close shutters till Wednesday in protest against the tax. Traders are demanding scrapping of the tax that will require even petty shop owners to register with the authorities. Demand eased in other centres dragging domestic spot and futures by Rs10-14 till noon.