Pool returns to raw sugar producers in the Australian state of Queensland for 1997/98 (July/June) will show a slight rise from the previous year, despite a 25 per cent drop in world sugar prices over the past 12 months, the Queensland Sugar Corp said on Thursday. "The pool price paid to producers for 1997/98 will be A$343.25 a tonne IPS for Number 1 pool and A$323.82 a tonne IPS for Number 2 pool, it said. In 1996/97, the pool prices were A$342.12 and A$322.76, respectively.

Forward hedging programmes and a persistently lower Australian dollar versus the US currency could allow for similar returns in 1998/99, Queensland Sugar Corp deputy chief executive Michael Bosscher said. "However, producers should exercise caution and prepare for reduced returns in 1999/2000 if sugar prices remain low," Bosscher said. Sugar prices fell below eight US cents a pound in June, the lowest in seven years, and have continued to trade only slightly above that level. Australia is forecast toproduce 5.54 million tonnes of sugar in 1998/99, compared with an estimated 5.57 million tonnes in the year ended June 30, 1998.

Groundnut oil buoyant

In New Delhi, groundnut oil prices continued to rise on the oils and oilseeds market today on brisk buying activities and closed higher. Marketmen said arrivals of groundnut oil were restricted following shortage in upcountry markets. The volume of business was small. Groundnut mill delivery gained Rs.50 at Rs.5200 per quintal and groundnut solvent refined by Rs.20 at Rs.840-860 per quintal. Following were today's quotations per quintal: Oilseeds: mustardseed 1330-1650, cottonseed 1050-1150 groundnut 1390-1600 and sesame 1900-2000. Vanaspati ghee (15kgs tin) 650-770. Edible oil (per tin): groundnut mill delivery 5200, groundnut solvent refined 840-860, mustard kachi ghani (per tin) 710-810, mustard pakki ghani (per tin) 700-720, mustard expeller 4630-4660, sesame 4350, soyabean mill delivery 3500, cottonseed mill delivery 4250, sunflower 4200,palmolin 4180, rice bran (physical) 2560, rice bran (sp) 2650 and coconut (per tin) 780. Non-edible oils: linseed 4450, mahuwa 2950-3400, castor 3320, neem 2350, rice bran 2220-2265 and palm fatty 2700-2900.

Red chillies, tamarind up

In New Delhi, prices of dhania, red chillies and tamarind edged up on fresh demand while mace dipped on weak overseas advises on the kirana market today. Dhania and red chillies (superior) edged up by Rs 200 each at Rs 1550-5200 and 3000-6200 from the previous close of Rs 1550-5000 and Rs 3000-6000 respectively. Tamarind without seed increased by Rs 100 at Rs 1400-2100 from Rs 1400-2000. Mace slipped by Rs 50 to settle at Rs 520-580 per kg. The volume of business was small.

Liffe grains end higher

In London, Liffe wheat futures closed mixed, with new-crop slightly higher on the back of renewed buyer interest, but old-crop hitting a new contract low, said brokers. Liffe wheat new-crop rose slightly across the board, with renewed buyer interest supporting themarket. Brokers said buyers moved from barley to wheat during the day, as low prices enabled wheat to compete with barley for feed purposes. March wheat was the most actively traded contract with 55 lots changing hands, closing at gbp 75.75 a metric ton. Brokers said currency had little effect on trade Wednesday, with the pound's slight rise failing to pressure prices.

Gur prices stable

In Muzzafar Nagar, steady conditions prevailed on the primary (jaggery) market today with prices generally moving in a narrow range around the previous level on scattered support. Lower upcountry market reports stopped any big fluctuations in all varieties of gur. The Delhi wholesale market also showed no change from the previous mark due to poor demand.

Citric acid, menthol easy

In New Delhi, citric acid (china) and menthol bold crystal declined marginally on the local chemical market today due to reduced offtake coupled with weak advises from producers. Citric acid (China) moved down by Rs 100 at Rs3700 from previous close of Rs 3800 per quintal. Menthol bold crystal also slipped by Rs 5 to settle at Rs 510 a kg. The volume of business was small. Following were today's quotations in Rs: ammonia bicarb (25 kg) 275-280 ammonium chloride (50 kg) 360-380 acetic acid (1kg) 28.50 boric acid technical (50 kg) 2350-2500 borex granular (50 kg) 1525-1550, caustic soda flake (50 kg) (DCM) 785, caustic soda flake (KCI) 785, caustic soda flake (Gujarat) 785 and caustic soda flake (Modi) 800, citric acid (50 kg) (China) 3700 citric acid (50 kg) (Bombay Dyeing) 4100, citric acid (Bharat Starch) 3700, camphor slab (1 kg) 140 camphor powder (1 kg) 128 glycerine (1 kg) 60-65 hexamine (1 kg) 45 hydrogen peroxide (1 kg) 19.50, mercury (34.5 kg) 10,800 menthol bold crystal (1 kg) 510, menthol flake (1 kg) 475 menthol oil (1kg) 340.

Copra, dry dates slip

In New Delhi, prices of copra (qtl) and dry dates (qtl) fell in the local kirana market today due to the rainy season coupled with lack of demand. Copra (qtl)moved down by Rs 50 at Rs 4500-5200 from the previous close of Rs 4550-5250. Dry dates (qtl) slipped by Rs 100 to settle at Rs 1650-5100. The volume of business was moderate.

Copper declines

In New Delhi, copper prices declined on the non-ferrous metal market today on reduced offtake and lower London advises and closed with losses. Marketmen said the declining trend on the London Metal Exchange (LME) influenced market sentiment. Arrivals and offtake was lower and the volume of business small. Copper prices declined by 50 paise per kilo. Copper wire bar was down at Rs.129.50, copper rod at Rs.132.50 and copper wire at Rs.139 per kilo respectively. Following were today's quotations per kilo: tin ingot 362-364, solder (40 per cent) 160.50, nickel (russian) 270-272, zinc slab 73, zinc dros 61, bell metal scrap 152, copper wire bar 129.50, copper rod 132.50, copper wire 139, copper scrap 112-114,chadripital 85, brass sheet cutting 87-89 and brass boring 73. Lead ingot 38, lead imported 50, aluminium (22gauge) 100 102, aluminium (30 gauge) 108-113, aluminium (36 gauge) 115-119, aluminium rod 90, aluminium cg ingot 83.75, aluminium wire scrap 80 and aluminium utensils scrap 71.

Cotton stay firm

In Coimbatore, prices of all select cotton varieties including Maharashtra ruled steady at the South India Cotton Association today. (prices per quintal and in Rs): Bengal deshi fine (Pjb) 4447, Wagad (Guj) 4246, V-797 (Guj) 4640, Jayadhar (Ktk) 4682, J-34 (Pjb) 5358, F-414 (t N) N Q, LRA-5166 (T N) 5539, H-4 (M P) 5708, LK-29 (A P) 6215, Shankar-6 (Guj) 6186, MCU (A P) 6889, DCH-32 (Ktk) 8492. Group-1 Maharashtra varieties: Mech-1 yeotmal/Amravati 5990, H-4 yeotmal/Amravati 5990, LRA-5166 Nagpur/Yeotmal 5680, NHH-44 yeotmal/Amravati 5441, Ak.H-4/Ak.235 5343, 1007 yeotmal/Amravati 5343, AHH-468 yeotmal/Amravati 5343.

Euro cotton prices higher

In London, European raw cotton prices are higher, according to Cotlook, a Liverpool-based cotton information company. Demand from European spinners remainsmuted, any significant trade inquiries are for central Asian descriptions, available for shipment in the later months of 1998. Cotlook also reports trade interest in Spanish new crop descriptions. In the US cotton growing regions, there have been reports of record heat and monsoonal rains which are delaying the crop.

New York cotton mixed

In New York, cotton futures on the cotton exchange settled mixed after commercial selling of new crop months, analysts said. The nearby contract recorded a two-year high of 83.30 per pound as speculators continued to buy, analysts said. However, some noted that higher prices are attracting some commercial selling. New crop contracts, beginning with December, were pressured by "some commercial offers," said Jack Scoville, analyst with Lit Price group, a brokerage in Chicago. He noted "pretty good cash selling" by producers "all the way up." Scoville said that the bull market is still driven by dry, hot weather in Texas growing regions.