Mumbai, July 18:

Sugar prices ruled steady across the country on Thursday due to slack demand and ample supply.

In the Vashi wholesale spot market, barring S-grade which rose by Rs 3 , prices remained unchanged .

Naka and mill tender rates were steady on routine business activities.

An observer said that prices in the futures market continued to be bearish.

Though there were reports that producers have committed around 1.5 lakh tonnes of sugar for export to neighbouring countries, it didn’t reflect in the market as production is higher this year.

Sources said that in Vashi market volume remained routine despite Ramzan and Ashadhi Ekadashi festivals.

There were inventories of over 120-125 truckloads of stocks and need-based routine local demand kept volume and price volatility thin and range bound.

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

On Wednesday evening, about 14-15 mills offered tenders and sold about 64,000-65,000 bags to the local traders at steady rates of Rs 2,930-3,000 for S-grade and Rs 3,030-3,110 for M-grade.

The Bombay Sugar Merchants Association's spot rates were: S-grade Rs 3,062-3,145 and M-grade Rs 3,172-3,322.

Naka delivery rates: S-grade Rs 3,020-3,080 and M-grade Rs 3,130-3,220.