Sugar prices ruled steady at all levels on Wednesday as demand eased and there were no positive cues. On the Vashi wholesale market, stockists offloaded fair quality sugar at prices lower by Rs 2-5 to ease inventories. Naka and mill tender rates also ruled unchanged on routine demand and continuous supply from producers.

Sources said: “The physical market extended loses, taking cues from the domestic futures that fell by Rs 15-20 till noon. Overall, the loss this month is Rs 100 a quintal. Prices have constantly been under pressure on speculation of higher production. Supply is ample in the domestic market as prices in other producing centres are ruling at a par with Maharashtra. Actually, the market is in need of cues for further direction.”A retail broker said, “Despite Holi festival next week there is no sign of any improvement in retail offtake. Activities remained calm at market and mill level as local demand continued to be need-based due to month end.”

On the NCDEX, sugar April contracts declined further by Rs 15 to Rs 2,999 , May contracts dropped by Rs 18 to Rs 3,036 and June was lower by Rs 37 to Rs 3,083 till noon. In Vashi market, arrivals were 61-62 truckloads (each of 100 bags) and local dispatches were 58-59 loads. On Tuesday evening, merely 10-12 mills offered tenders and sold about 28,000-30,000 bags to local traders in the range of Rs 2,990-3,050 (Rs 2,995-3,050) for S-grade and Rs 3,090-3,200 (Rs 3,090-3,200) for M-grade.

The Bombay Sugar Merchants Association's spot rates were: S-grade Rs 3,136-3,221 (Rs 3,136-3,221) and M-grade Rs 3,226-3,391 (Rs 3,226- 3,391).

Naka delivery rates: S-grade Rs 3,090-3,130 (Rs 3,090-3,130) and M-grade Rs 3,180-3,280 (Rs 3,180-3,280).