Silver declines further on sluggish demand; sugar suffers fresh setback
OUR BUREAU/AGENCIES
MUMBAI, Dec 29: Silver prices fell below Rs 8,400-level per kg on the billion market here today. Gold ruled steady in a narrow band.Silver .999 slid by Rs 30 at Rs 8,390 per kg. Silver .916 moved down by same margin at Rs 8,290 per kg in sympathy. Industrial demand remained sluggish at higher level while increased supplies of raw silver from local sources triggered profit-taking among stockists. In Delhi prices finished lower at Rs 8,370/8,375 per kg. In the global market silver placed lower at $6.28/6.30 an ounce. Standard gold opened Rs 10 higher at Rs 4,050 per 10 gm. on stray seasonal demand but later on fresh arrivals pushed prices lower at Rs 4,040 per 10 gm. Gold .22 carat moved in both ways and settled steady at Rs 3,740 per 10 gm. Prices of gold biscuit (116.50 gm.) opened Rs 100 higher at Rs 47,400 but finished on a steady note at Rs 47,300 per piece. In the overseas market gold maintained at $294/294.50 an ounce. Sugar suffers Sugar prices suffered a fresh setback on the local
market on sluggish consumer demand, while fresh offerings by stockists put pressure on prices, dealers said. In the ready delivery, sugar S-30 fell by Rs 10 to Rs 1,445/1,485 per quintal and M-30 also lost by the same margin to Rs 1,475/1,520. "Offerings by the millers however remained thin but fresh selling by local stockists maintained the pressure of arrivals in Mumbai market," one broker said. No trading was reported for sugar mill delivery as local millers have already sold out the entire quantity of free sale sugar allotted to them for December. Millers were offering sugar S-30 at the rate of Rs 1,410/1,425 per quintal for delivery in the first week of January. M-30 Sugar was offered at Rs 1,435/1,450. "Sugar prices were subdued on Monday but the market may go up in coming days on fresh consumer buying after the conclusion of the year-end," said a leading dealer. Zinc dips Zinc prices extended losses on the metal market today but other base metals remained steady in a dull trade ahead
of year end, dealers said. Zinc fell by Rs 50 to Rs 7,300 per quintal on fresh selling amid fears that local producers might reduce prices for January. According to Bombay Metal Exchange sources State-owned Hindustan Zinc Ltd. is likely to reduce selling prices of zinc by Rs 1,500/2,000 per tonne for January. Other base metals were steady in sluggish industrial demand while traders reported slow volume ahead of year's end. Copper was quiet at Rs 11,700 per quintal after losing Rs 50 last week. State-owned Hindustan Copper Ltd. may slash prices by Rs 1,000 per tonne or may keep it unchanged for January, sources added. Tin was steady at Rs 32,700 per quintal after losing Rs 800 last week while nickel was steady at Rs 32,500 per quintal after losing Rs 500 last week. Overall market sentiment was subdued at the close of the session. G'nut oil declines Groundnut oil lost gained ground on the oil,oilseeds market here today. Castorseed and its oil depressed on the back of hectic pressure of
offerings.Groundnut oil declined to Rs 377 as against Rs 380 per 10 kg earlier on demand resistance at higher level while higher prices attracted profit- taking. Groundnut oil was up by Rs 16 per 10 gk during last week. In Rajkot prices remained firm at Rs 555/560 per 15 kg amidst lower than expected new crop supplies, it was learnt. Imported palm oil forged ahead by Rs 2 at Rs 304 per 10 kg exclusive of tax on the back of sustained upcountry buying followed by bullish global advices. In the overseas market palm oil quoted at $570/575 per tonne. Castor oil settled Rs 3 lower at Rs 274/286 per 10 kg on sluggish export demand. Castorseed ready declined by Rs 15 at Rs 1213/1219 per quintal on the back of hectic new crop supplies at producing centres, it was gathered. Traders reported that supplies were higher by about 18000/20000 bags of castorseed in the Gujarat region. Meanwhile in the futures section castorseed March delivery receded from Rs 1167.50 to Rs 1162.50 before closing at Rs 1164 on fresh
bull liquidation. In Ahmedabad prices ruled weak at Rs 1140.50 per quintal. Hyderabad advices were subdued at the improved level. Punjab cotton mixed Cotton prices ended on a varied tone, with Punjab varieties mixed and Gujarat steady, traders said. Among Punjab varieties, Bengal-deshi was firm while staple cotton including saw-ginned varieties lost recent gains, they said. In spot deals, Bengal-deshi rose by Rs 5/10 to Rs 1,360/1,390 per maund while Punjab saw-ginned fell by Rs 5/10 to Rs 1,780/1,880. Traders said arrivals of Bengal-deshi cotton were lower. They said the daily average new crop arrivals in the Punjab region stood at 18,000/20,000 bales (170 kg each) of which around 75 percent was of saw-ginned cotton. Gujarat cotton was steady in range-bound trade amid light volumes. Long-staple Gujarat Sankar-4 was steady Rs 19,000/19,500 per candy for average grade and at Rs 19,800/20,300 for superior grade. Spices fall Prices fell on the spices market here today due to poor demand amidst
good arrivals, traders said. Black pepper at Rs 10,600 per 50 kg, copra edible at Rs 4200 per quintal, ginger bleached at Rs 2900 and unbleached at Rs 3200 per quintal fell by Rs 100 each.
Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.
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