In order to study the latest developments in textile machinery industry, a delegation, led by union textile minister, Kashiram Rana, would visit the International Textile Machinery Exhibition (Itme '99) beginning at Paris on June 1, 1999. The main objective would be to identify latest machinery and equipment suited to the Indian textile industry, in the backdrop of the Technology Upgradation Fund (TUF) scheme launched by the centre, MS Mathivanan, chairman of Powerloom Development and Export Promotion Council, a member of the delegation, said. The textile commissioner, BC Khatua and representatives from textile industry including machinery manufacturing units would form part of the delegation.

Gold weak, silver recovers

In New Delhi, gold continued to be asked at lower levels on the bullion market today on reduced offtake while silver recovered on emergence of stockists buying and advanced. Marketmen said a weak trend in the overseas market where goldlost about $1.20 at $279.80 an ounce, had negative impact on the domestic market. They said gold would continue to seek lower levels as there was no positive factor for it, after the UK Treasury announced sale of massive gold reserves in the open market from next month. Likewise conditions in upcountry market influenced the trading sentiment to some extent. The volume of business was fair. Standard gold and ornaments lost Rs 10 each at Rs 4,180 and Rs 4,030 per ten gram respectively.

Mill gate sugar up on support

In New Delhi, mill gate sugar prices settled higher on the primary sugar market here today following fresh millers support coupled with restricted supply and closed with fresh gains. However, Delhi wholesale sugar prices held steady on scattered demand. In the mill gate section, khatoli and samali both duty paid were settled at Rs 1,540 and Rs 1,552 against the last levels of Rs 1,525 and Rs 1,550 per quintal respectively. In duty excluded section, sugar modi nagar and titabi quoted at Rs1,455 and Rs 1,470 instead of Rs 1,440 and Rs 1,470 per quintal respectively. Amroha and mawana were traded at Rs 1,425 and Rs 1,575 against the previous levels of Rs 1,415 and Rs 1,555 per quintal respectively.

Hong Kong gold steady

Hong Kong spot gold opened little changed on Monday from New York's Friday finish in quiet early business and the price was seen holding in a range during the Hong Kong session. Bullion opened at $270.10/60 an ounce against New York's $270.00/50 close on Friday. "We saw some light short-covering interest after the local market opened," said a dealer at a local investment house. "But we don't expect anything to happen here due to the market holiday in the United States and the United Kingdom today." Dealers saw the metal moving in a range of $269.50 to $271.50 today.

Australia's crude oil output drops

Australia's March crude oil production dropped 24 per cent on year-earlier levels following production rig shut-downs offshore Western Australia caused byCyclone Vance contributed to the lower output. The Department of Industry, Science and Resources monthly petroleum statistics showed March crude oil production dropped to 1,566.2 mega litres from 2,067.4 mega litres a year ago. Department downstream petroleum section manager Bruce Harrison said total production of crude oil and condensate in the fiscal year to date was down 16 per cent on last year.

Petroecuador suspends oil pumping

Ecuador's state-owned Petroecuador said it had stopped pumping crude oil through its Trans-Ecuadorean pipeline for about one day as it repaired leaks, but said exports would not be affected. About 1,800 barrels of oil had leaked in the areas of Santo Domingo de los Colorados and Esmeraldas, Petroecuador said. The leaks should be repaired by late Monday and stocks are sufficient to ensure that neither exports nor production should be affected, it said. The 300 mile (500 km) Trans-Ecuadorean pipeline carries most of the oil output from the Ecuadorean Amazon for exports.Ecuador is Latin America's fourth-largest oil exporter.