Mumbai, Nov. 6:  

Sugar prices were steady with minor changes on the Vashi market on Wednesday on routine demand-supply.

On futures, prices dropped in absence of any supportive factor. In spot, on expectation of eased demand, prices fell by Rs 6-14 a quintal while in naka trade it dropped by Rs 5-15. Mill tender rates were unchanged on lack of selling by producers. Morale was steady, said traders.

Jagdish Rawal of B. Bhogilal & Co. said, “On Diwali Muhurat trading most of the volumes remained in naka delivery at fixed rates decided by Bombay Sugar Merchants Association for three days. About 3,500-4,000 bags were traded in naka delivery form at Rs 2,835-2,961 for S-grade and Rs 2,911-3,185. Producers kept away offering sale tenders due to Diwali holidays.

However, mill tenders were expected steady at previous level on Wednesday evening. Market will continue to get support of regular month beginning local demand for next few days and later on it will ease.”

Arrivals declined to 61-62 truck loads (of 100 bags each) while local dispatches were 59-60 truck loads. On Wednesday evening, traders were expecting mills tender offer at a steady level of Rs 2,690-2,820 for S-grade and Rs 2,850-2,980 for M-grade.

Bombay Sugar Merchants Association's spot rates were: S-grade Rs 2,880-3,001 (Rs 2,886-3,015) and M-grade Rs 3,021-3,211 (Rs 3,012-3,221). Naka delivery rates were: S-grade Rs 2,835-2,900 (Rs 2,835-2,911) and M-grade Rs 2,911-3,180 (Rs 2,911-3,185).