Sugar market ruled steady on Wednesday.

Prices at spot, naka and mill level were unchanged on routine demand and ample supply.

Market seems to be under pressure of regular supply from mills while local demand eased due to month end.

Domestic futures markets show thin volatility with bearish mood said sources.

The only possible chance of improvement in sentiment is a start of the new months when retail off take is expected to rise, a dealer said.

Higher sugar productions this year, lesser chances of sugar exports from India and lower world market prices are the factors forcing domestic producers to offload commodity in local markets.

Prices in other main producing centres are ruling at par with Maharashtra keeps neighbouring states buying away from the State”.

On Wednesday, arrivals at the Vashi wholesale sugar market were 62-63 truck loads (each of 100 bags) and local dispatches were 61-62 truck loads.

On Tuesday, 17-18 mills offered tenders and sold about 58,000-60,000 bags (each of 100 kg) in the steady range of Rs 3,110-3,170 (Rs 3,110-3,170) for S-grade and Rs 3,210-3,280 (Rs 3,210-3,280) for M-grade.

On the National Commodities and Derivatives Exchange, sugar prices for February futures were Rs 3190 (Rs 3190), March Rs 3,238 (Rs 3,238) and April at Rs 3,286 (Rs 3,288) till noon.

The Bombay Sugar Merchants Association’s spot rates: S-grade Rs 3,246-3,321 (Rs 3,246-3,321) and M-grade Rs 3,316-3,451 (Rs 3,316-3,451). Naka delivery rates were: S-grade Rs 3,200-3,250 (Rs 3,200-3,250) and M-grade Rs 3,250-3,400 (Rs 3,250-3,400).