Mumbai, July 15:

Sugar prices on domestic futures market ruled almost steady on Monday in absence of any cues from the physical market which will remain closed for two days in protest of Local Body Tax.

Prices at upper mill level were unchanged on eased demand in middle month.

A Vashi-based wholesaler said: “Spot market is closed for two days till Tuesday in support of call given by Federation of Associations of Maharashtra in protest of LBT. In futures market prices remained range-bound with thin volatility. Due to bandh there were no loading/unloading or local dispatches in and from Vashi market. Local retail transporters have also supported the agitation. As Vashi market carries 120-125 truckloads of inventory, there is no need to worry about shortage of the commodity. Retail shopkeepers are working as usual.”

Due to bandh, arrivals at Vashi market were meagre but there were no local dispatches.

On Saturday, about 13-14 mills sold about 38,000-40,000 bags to the local traders through tenders at steady rates of Rs 2,930-3,000 (Rs 2,930-3,000) for S-grade and Rs 3,030-3,110 (Rs 3,030-3,110) for M-grade.

In Mumbai nominal sugar prices in spot were: S-grade Rs 3,062-3,145 (Rs 3,062-3,145) and M-grade Rs 3,192-3,311 (Rs 3,192-3,311).

Nominal naka rates were: S-grade Rs 3,020-3,070 (Rs 3,020-3,070) and M-grade Rs 3,130-3,220 (Rs 3,135-3,220).