Sugar prices on the Vashi market ruled steady on second consecutive day on Wednesday on routine activities and continuous selling by producers. Some mills sold fair quality at lower rate which kept sentiment weaker at upper level.

Fine quality sugar was quoted slightly higher in spot. Naka rates were unchanged. Mill tender prices declined by Rs 10-15 a quintal. With routine demand and ample supply, volume remained steady in physical market. Retail and wholesale demand has not picked up as expected in the beginning of the month, said sources.

Jagdish Rawal of B.Bhogilal and Co, said, “Continuous selling by mills in local markets in absence of neighbouring States buying in Maharashtra kept supply ample here. Vashi market carries more than 120 truckloads of stocks which keep stockists away from fresh bulk buying. Local retailers demand is also not picking up as expected. But with rise in temperature all over, traders expect demand for sugar to improve soon. Crushing season is also expected to end in May.” On the National Commodities and Derivatives Exchange, sugar April futures was down Rs 13 to Rs 3,050 , May contracts dropped by Rs 19 to Rs 3,108 and June closed lower by Rs 24 to Rs 3,160.

In Vashi market, arrivals were 64-65 truck loads (each of 100 bags) and local dispatches were also at same level. On Tuesday evening, about 19-20 mills sold 68,000-70,000 bags to local traders at Rs 3,035-3,090 (Rs 3,050-3,100) for S-grade and Rs 3,130-3,220 (Rs 3,130-3,230) for M-grade.

Bombay Sugar Merchants Association's spot rates: S-grade Rs 3,186-3,262 (Rs 3,210-3,262) and M-grade Rs 3,242-3,441 (Rs 3,242- 3,441). Naka delivery rates: S-grade Rs 3,140-3,160 (Rs 3,140-3,160) and M-grade Rs 3,200-3,340 (Rs 3,200-3,340).