Spot sugar price ruled steady on Wednesday on limited demand. Naka and mill tender rates were also stagnant, with need-based buying. A holiday mood was prevailing in market due to the Indo-Pak cricket match. The moral was steady, as traders are expecting the quota for the month of April-11 . The announcement of monthly quota will decide the future direction for the market, said traders.

A spokesman of the Bombay Sugar Merchants Association, said, “in the absence of big activities today because of the cricket match, volume was thin. Arrivals and dispatches also reduced. In the Vashi market, trade almost came to a standstill. The increase in selling pressure to finish the current month quota at the mill level weighed on the physical market sentiment. Most of the stockists keep away from fresh buying. This week, the market observed less demand than arrivals, resulting in building up higher inventory. Out of the current month's total 16.84 lakh tonnes of free sale quota, mills still have some unsold stocks, he added.

Tenders

On Tuesday, hardly 8-10 mills offer tenders and sold about 28,000-30,000 bags in the range of Rs 2,670-2,690 for the S grade, and Rs 2,710-2,750 for the M grade. Arrival in the markets reduced to 38-40 truck loads (each of 100 bags) and local dispatches were also lower at 36-38 truck loads.

Bombay Sugar Merchants Association sugar rates: Spot rates: S grade Rs 2,791-2,831 (Rs 2,788-2,831) and M grade Rs 2,826-2,921 (Rs 2,826-2,921).

Naka delivery rates: S grade Rs 2,750-2,780 (Rs 2,750-2,780) and M grade was Rs 2,795-2,870 (Rs 2,795-2,875).

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