MUMBAI, July 8: Silver prices crashed heavily while gold dipped further in the local bullion market today.

Silver prices declined sharply by Rs 275 each to Rs 6130 and Rs 6030 per kg respectively following weak overseas advices coupled with lack of demand from local buyers and industrial users.

On the other hand standard mint gold and 22 carat also moved down further by Rs five each to Rs 4330 and Rs 4005 per ten gm respectively due to poor buying support from local buyers.

Ten tola gold bar also eased by Rs 50 to Rs 50650 per biscuit on the lack of buying support from investors and jewellery industry.

The market will see some upward movements only after stability prevails in the overseas market, according to market sources. The gold which already quoted below its five-year-low may decline further, they added.

Sugar rallies

Sugar price staged a small rally on emergence of low level support.The price improved by Rs 5 a quintal as M-30 were placed at Rs 1455-1470 and S-30 at Rs 1435-1450 ex-octroi checkpost.

In tenders, the price held steady at Rs 1395-1405 for S-30 and at Rs 1415-1420 for M-30 in Kolhapur line.

Punjab cotton declines

A dull-to-weak condition was noticed on the cotton market following selling pressure in Punjab cotton.

Punjab zone cotton price declined by Rs 10 to 15 a maund due to lack of mill buying and deterioration in the quality as was usual during the end of the season. J-34 saw-ginned ruled in the range of Rs 1810-1950, F-414 at Rs 1055-1075 and Bengal Deshi at Rs 995-1020 spot. Other items ruled static.Grains unchanged

A steady trend prevailed on the grains market. Volume of business was modest.Green peas Rumba USA were placed at Rs 1850 and Canadian at Rs 1391-1400 a quintal. Tur Myanmar old and new were on offer at Rs 1000 and at Rs 1050 respectively. African tur were traded in the range of Rs 1100-1200. Gram kabuli A-2 Turkish were quoted at Rs 1850-1900, B-2 Turkish at Rs 1450-1500, Iranian at Rs 1400 and C-2 at Rs 1300-1325.

Among cereals, wheat MP 147 and Sarbati were placed at Rs 650-800 and at Rs 800-1100 respectively. Rice Permal FCI were placed at Rs 850-861. AP Masoori were mentioned at Rs 875-925, AP Hansa at 840-900 and AP Kolam cultured at Rs 1075-1150.

Yarn steady

A steady trend was in evidence on the yarn marekt. Activity was good.Polyester yarn grey first quality of medium-sized units 80dn rotoset ruled at Rs 125-127, 80dn microroto at Rs 144, weft at Rs 105-108, 80/1400dn average at Rs 135-140 and 241 machine goods at Rs 145-150 a kg.In the case of 150dn, weft were placed Rs 100 and warp at Rs 114. 150dn single roto and double roto were traded at Rs 110 and at Rs 109 respectively. G'nut oil hardens

Groundnut oil prices hardened further on the oilseeds market today on increased local buying. Restricted arrival and higher upcountry advices also boosted the sentiment.

Elsewhere, linseed oil hardened on fresh paint industries buying, while castor oil commercial lacked soap manufacturers demand and remained weak. Castorseed futures also declined on increased selling pressure.In the edible section, groundnut oil hardened further by Rs.3 and closed at Rs.361 from Rs.358 yesterday. However, groundnut bold, held steady on scattered buying. Palm oil, on the other hand, fell to Rs.258 from Rs.260 on increased arrival.

In the industrial section, linseed oil strengthened by rs.5 and settled at Rs.275, while linseed bold remained unchanged at Rs.1300.

castor oil commercial eased to close at Rs.251 against the last close of Rs.252, while castorseed Madras showed no change from its previous level of Rs.1300.

In the futures market, castorseed September contract opened weak at Rs.1134 and after touching a high level of Rs.1135, declined to Rs.1133 and finally closed at Rs.1134.50, showing a fall of Rs.2.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.