Spot sugar prices on the Vashi wholesale market ruled steady on Monday as the market was closed for Ashadhi Ekadashi and due to the sudden demise of Mathadi Kamgar leader, Mr Shambhajirao Patil.

Naka and mill tender rates were range-bound, said traders.

Mr Mukesh Kuwadia, secretary of Bombay Sugar Merchants Association, said as the market was closed, there was no physical movement of goods in Vashi market. Upper-level Naka rates were expected to be higher by Rs 5-10 on thin resale. Mill tender rates were expected to be down by Rs 5-10 a quintal due to lack of demand.

Sugar market is now waiting for some cues from Government on policy changes. Out of the export permission for 10 lakh tonnes, a good quantity has to wait for confirmation for shipment. International sugar prices are ruling higher than Indian price, providing advantage to shippers, he said.

According to traders, the local demand at the start of the month has eased. Traders and retailers will buy hand-to-mouth till the month-end. Favourable supply position will keep the market subdued and price movement range-bound.

On Saturday, 16-18 mills offered tenders and sold 45,000-50,000 bags (100 kg each) in the range of Rs 2,680-2,730 (Rs 2,670-2,720) for S-grade and Rs 2,760-2,840 (Rs 2,750-2,830) for M-grade. Arrival in the market was 35-40 truckloads (100 bags each) but there were no local dispatches due to the bandh.

Sugar spot prices are expected to be Rs 2,765-2,840 for S-grade and Rs 2,845-3,005 for M-grade.

Naka delivery rates for S-grade were Rs 2,775-2,810 and M-grade Rs 2,820-2,955.

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