Mumbai, Oct. 3:

Sugar prices at the Vashi market ruled steady on Thursday baring minor gains for the fine variety. Naka and Mill tender rates remained unchanged as there was no improvement in demand and supplies were ample. Millers continued selling in the local market in the absence of buying by neighbouring States. Prices on the futures market were range bound on lack of cues, said sources.

Sources said that arrivals and local dispatches were on a par as the market remained closed on Wednesday. With the new crushing season round the corner, producers are keen on offloading old stocks. With supply outstripping demand, prices remained steady.

According to the sources, the demand is usually high at the start of a month. Also, the sentiment will remain positive with the festival season ahead. As prices are ruling below cost, millers are hesitating to sell. Prices are expected to rise from current levels.

Arrivals at the Vashi market were 62- 63 truckloads (of 100 bags each) while local dispatches were 61-62 truckloads. In the last two days, 15-16 mills sold 54,000-55,000 bags at Rs 2,810-2,880 a quintal (Rs 2,810-Rs 2,880) for S-grade and Rs 2,930-Rs 3,000 (Rs 2,930- 3,000) for M-grade.

At the National Commodities and Derivatives Exchange, sugar November futures were Rs 2,889 (Rs 2,894); December, Rs 2,895 (Rs 2,897), and January 14, Rs 2,905 (Rs 2,905).

The Bombay Sugar Merchants Association’s spot rates were: S-grade Rs 2,960-3,115 (Rs 2,958– Rs 3,115) and M-grade Rs 3,131- 3,272 (Rs 3,126-3,272).

Naka delivery rates were: S-grade Rs 2,900 -2,960 (Rs 2,900-2,960) and M-grade Rs 3,010-3,100 (Rs 3,010-3,100).

Uttar Pradesh rates were: Lakhimpur Rs 3,300 and Muzzafarnagar Rs 3,260.