Mumbai, July 31:

Sugar prices on the Vashi wholesale market gained Rs 12 a quintal for some variety of S-grade, while M-grade was unchanged on Wednesday. Naka rates were steady.

Mill tender rates were discounted by Rs 20 for M-grade in absence of demand.

Producers sold sugar in local market as upcountry buying was still lacking.

A Vashi-based wholesaler told Business Line: “Sugar prices across the country ruled steady on need-based demand and ample supply with Rs 20-30 volatility. August and September futures dropped by Rs 40-60 on higher selling pressure. But now festival demand may support market sentiment. Prices may show positive sign. Enough inventory stocks at market and producing level will still weigh on morale.”

Arrivals in the market continued to be a level of 62-63 truckloads (of 100 bags each), while local dispatches remain routine at 61-62 loads.

On Tuesday evening, about 11-12 mills offered tenders and sold about 43,000-45,000 bags at Rs 2,900-70 (Rs 2,900-70) for S-grade and Rs 2,980-3,120 (Rs 2,980- 3,140) for M-grade.

The Bombay Sugar Merchants Association's spot rates : S-grade Rs 3,052-3,132 (Rs 3,040-3,132) and M-grade Rs 3,160-3,311 (Rs 3,160-3,311).

Naka delivery rates : S-grade Rs 3,000-50 (Rs 3,000-50) and M-grade Rs 3,080-3,190 (Rs 3,080-3,190).