Mumbai, July 24:

Sugar prices ruled slightly weak on Wednesday due to slack demand.

In Vashi market, spot rates declined by Rs 8 for S-grade and Rs 30 a quintal for M-grade . Naka prices ruled steady. Mill tender rates were down by Rs 5-10 on poor stockist demand.

Need-based volume kept morale weak, said traders.

A Vashi-based wholesaler said, “due to heavy rain in city retail brokers and buyers were away from the market. Transportation services got affected on second day.

Volume was thin with need-base retail purchases. Poor demand from retailers – bulk consumers despite Ramzan and ample supply from mills kept overall activities limited. Now new month’s demand will provide further direction for the market”.

In Vashi market arrivals declined to about 58-60 truck loads (of 100 bags each) and local dispatches were restricted to about 56-58 truck loads.

On Tuesday,merely 14-15 mills sold 28,000-30,000 bags at Rs 2,925-3,000 (Rs 2,930-3,000) for S-grade and Rs 3,020-3,220 (Rs 3,030-3,220) for M-grade.

Bombay Sugar Merchants Association's spot rates : S-grade Rs 3,056-3,142 (Rs 3,064-3,142) and M-grade Rs 3,162-3,321 (Rs 3,192-3,321).

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