Mumbai, Aug. 23:

Sugar prices ruled steady at national level on ease and need-based, month-end local demand on Friday while on futures market, it extended gain on hope of higher physical demand from next month.

Sources said that activities were subdued on ample supply and need-based local demand.

As market carries ample stocks of over 120 truckloads (each of 100 bags) stockists kept away from taking big risk. Their inventory buying was also low.

In domestic futures market, the bullish trend continued for October and November contracts continued on hopes of higher demand for festivals.

November futures on the NCDEX rose by Rs 8 taking total rise of Rs 65 in the last four days. Arrivals in the Vashi market were 62-63 truckloads (each 100 bags) while local dispatches were 61-62 trucks.

On Thursday, 18-20 mills offered tenders and sold 38,000-40,000 bags at steady level 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 up by Rs 8 to Rs 3,029 (Rs 3,021), October was higher by Rs 8 to Rs 3,055 (Rs 3,047) and November inched up to Rs 3,081 (Rs 3,073).

The Bombay Sugar Merchants Association’s spot rates were: S-grade Rs 3,042-3,142 (Rs 3,042-3,142) and M-grade Rs 3,162-3,372 (Rs 3,162-3,372).

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).