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Sugar prices ruled steady on Tuesday in absence of positive cues in the market amid routine local demand.
Prices dropped by Rs 4 at the higher end at naka and mill level, barring a few mills which sold lower by Rs 10-20 for M-grade.
In the futures market, prices dropped further by Rs 12-13 a quintal.
In the Vashi wholesale market, due to ample inventory stocks and slack demand, stockists kept away from fresh buying.
Bulk demand from cold drinks manufacturers is likely to drop during winter. So the sentiment in physical market will remain low as supply is expected to outstrip demand.
Arrivals at Vashi market were 57-58 truckloads (of 100 bags each) while local dispatches were 58-59 loads.
On Monday evening, 14-15 mills offered tenders and sold 44,000-45,000 bags at Rs 2,690-2,790 (Rs 2,690-2,790) for S-grade and Rs 2,800-2,980 (Rs 2,800-3,000) for M-grade.
Bombay Sugar Merchants Association’s spot rates were: S-grade Rs 2,864-2,990 (Rs 2,864-2,991) and M-grade Rs 3,016-3,202 (Rs 3,012-3,202).
Nakadelivery rates were: S-grade Rs 2,830-2,900 (Rs 2,830-2,900) and M-grade Rs 2,940-3,035 (Rs 2,940-3,035).
Uttar Pradesh rates were: Muzzafarnagar Rs 3,200 and Hapur Rs 3,225.
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