Sugar prices on the Vashi market ruled almost steady with thin volatility on sixth consecutive day on Thursday.

Stockists offloaded fair varieties at Rs 4-5 lower in Vashi spot market to ease inventory.

Naka and mill tender rates were unchanged.

Despite reports of expectation of sharp drop in sugar output in Maharashtra next season domestic futures market witnessed bearish trend.

Futures prices were down by Rs 20-28 till noon. Morale was slightly weak, said sources.

A wholesaler said, “In physical market with routine demand-supply overall activities remained thin and need-based.

No one was interested in taking big risk as futures prices were weak.

There is ample and regular supply from mills in local markets and Vashi Bazar carries more than 125 truckloads of stocks.

Upper level upcountry buying is still missing forcing the producers to concentrate on local markets.”

On the NCDEX, sugar April futures declined to Rs 3,056 (Rs 3,076), May contracts down to Rs 3,108 (Rs 3,135) and June was lower at Rs 3,207 (Rs 3,235) till noon.

In Vashi market, arrivals were 63-64 truck loads (each of 100 bags) and local dispatches were 61-62 truck loads.

On Wednesday evening, about 14-15 mills sold 54,000-55,000 bags to the local traders at steady range of Rs 3,000-3,060 for S-grade and Rs 3,100-3,200 for M-grade.

Bombay Sugar Merchants Association's spot rates: S-grade Rs 3,142-3,236 (Rs 3,142-3,241) and M-grade Rs 3,236-3,421 (Rs 3,232- 3,421).

Naka delivery rates were: S-grade Rs 3,095-3,150 (Rs 3,095-3,150) and M-grade Rs 3,160-3,305 (Rs 3,160-3,305).

(This article was published on March 14, 2013)
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