Mumbai, Aug 20:

Sugar prices on the spot market ruled steady with minor fluctuations based on quality on Tuesday.

The Bombay Sugar Merchants Association was closed. The Vashi wholesale market observed holiday for Rakha Bandhan after 1 p.m., hence, activities were subdued.

A wholesaler said that there was limited loading and unloading activities until noon but prices remained unchanged at all levels. “Upcountry buying is still missing at mill level as prices in other producing centres ruled at par with Maharashtra,” he said.

In the domestic futures market, prices were volatile due to ample supply from producers.

Meanwhile, due to festival, arrivals in the Vashi market were 35-40 truckloads (each 100 bags), while local dispatches were merely 15-20 trucks. On Monday evening, 15-16 mills offered tenders and sold about 78,000-80,000 bags at Rs 2,910-3,000 (Rs 2,910-3,000) for S-grade and Rs 3,010-3,110 (Rs 3,010-3,110) for M-grade.

On the National Commodities and Derivatives Exchange, sugar September futures were down by Rs 5 to Rs 3,021 (Rs 3,027), October was up by Re 1 to Rs 3,031 (Rs 3,030) and November was higher by Rs 25 to Rs 3,047 (Rs 3,022).

Nominal spot rates were: S-grade Rs 3,040-3,150 (Rs 3,044-3,146) and M-grade Rs 3,185-3,355 (Rs 3,180-3,352).

Naka delivery rates were: S-grade Rs 3,005-3,060 (Rs 3,005-3,060) and M-grade Rs 3,120-3,210 (Rs 3,120-3,210).