Sugar prices ruled steady across the country with minor changes on Thursday on back of routine demand and sufficient supply. On the Vashi wholesale market, prices for M-grade declined by ₹5-10 a quintal while S-grade ruled unchanged. Naka prices were untouched at previous level. Mill sold M-grade at ₹20 lower in absence of demand. Need-based demand kept morale calm and slightly weak, said sources.

Vashi-based traders said that need-based local demand and continuous supply from producers kept the morale weak. In the futures market, prices were up tracking firm overseas markets supported by a slower-than-expected start to Brazil’s harvest and forecasts for global deficits in 2014-15 and making room for hope of exports from India.

Vashi market currently carries over 115-120 truckloads of stocks. Sugar prices in other main producing centres are ruling at a par with Maharashtra leaving local mills to offload commodity in local level only, sources added.

Arrivals at Vashi market were around 60-62 truckloads (of 100 bags each) and the local dispatches were 58-60 loads. On Wednesday evening, about 14-15 mills offered tenders and sold 48,000-50,000 bags at ₹2,950-3,060 (₹2,950-3,060) for S-grade and ₹3,050-3,200 (₹3,050-3,220) for M-grade.

Bombay Sugar Merchants Association’s spot rates: S-grade ₹3,126-3,270 (₹3,126-3,271) and M-grade was ₹3,192-3,432 (₹3,282-3,442). Naka delivery rates: S-grade ₹3,060-3,120 (₹3,060-3,120) and M-grade ₹3,160--3,300 (₹3,160-3,300).

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