Mumbai, July 4:

Spot sugar ruled steady, while it rebounded in the futures market on Thursday. In spot, routine demand-supply kept activities normal and prices were range-bound.

In the futures market, speculative short covering pushed up the commodity, erasing the loss made in previous two days.

Sources said that the Vashi market currently carries more than 125 truckloads of inventory.

Producers are selling continuously, supply is ample and local demand is still routine. As such, traders arekeeping away from bulk buying.

Despite the festival season approaching, there is no sign of any recovery in demand till now.

In absence of upcountry buying in Maharashtra, producers are forced to offload in local State-level markets, said sources.

Arrivals at Vashi market were about 64-65 truckloads (of 100 bags each) while local dispatches were 63-64 truck loads.

On Wednesday, about 18-20 mills offered tenders and sold about 64,000-65,000 bags at steady price of Rs 2,925-2,990 for S-grade and Rs 3,020-3,110 for M-grade.

Bombay Sugar Merchants Association's spot rates were: S-grade Rs 3,062-3,135 (Rs 3,062-3,135) and M-grade Rs 3,192-3,291 (Rs 3,192-3,291). Naka delivery rates were: S-grade Rs 3,010-3,070 (Rs 3,010-3,070) and M-grade Rs 3,110-3,200 (Rs 3,110-3,200).