Bullion Firm, Metals Down, Sugar Mixed

The spot section of the Bombay Oilseeds and Oil Exchange remained officially closed yesterday on account of the sudden death of one of the directors of the exchange.

In the futures, castorseeds December contract remained untraded, while March98 contract opened steady at the previous level of Rs 1166.50 and firmed up to Rs 1168.50 a quintal. It eased to Rs 1166.50 before closing at Rs 1168.50 on speculative movements.

Sugar : A mixed trend was noticed in sugar prices at the wholesale sugar market at Turbhe, Navi Mumbai yesterday. Both the grades ruled in opposite directions. The undertone of the market remained hesitant.

S-30 firmed up a wee bit to Rs 1465/1491 from the previous level of Rs 1460/1490 a quintal on better consumer demand coupled with moderate arrivals. M-30 ruled subdued to Rs 1481/1526 a quintal from Rs 1486/1525 yesterday. Meanwhile, sugar for the check post deliveries were quoted low at Rs 1448/1470 a quintal for S-30 and Rs 1475/1495 for the M-30 grade.

Non-ferrous Metals : A predominant downward trend was witnessed in the local non-ferrous metals market yesterday. The demand remained at a low ebb. The undertone remained hesitant. In virgin metals, nickel cathodes and tin slabs declined by Rs 3 and Rs 2 to Rs 332 and Rs 340 a kg respectively on weak overseas advices coupled with reduced industrial demand and better availability. Copper wirebar and zinc slabs weakened by 50 paise each to end at Rs 118.50 and Rs 74.50 a kg on subdued industrial demand. Aluminium ingots eased by 25 paise at Rs 74.50 a kg on dull industrial offtake.

Meanwhile, lead ingots ruled overall steady and were nominally quoted at Rs 40 a kg. on narrow movements.

In the scraps section, copper heavy scraps and copper utensils declined by 50 paise each to Rs 107.50 and Rs 95.50 a kg respectively on dull offtake, while brass utensils, brass sheetcuttings and aluminium utensils eased by 25 paise each to Rs 83.25, Rs 89 and Rs 62.50 a kg on reduced industrial demand and better inflows.

Bullion: A firm-to-upward trend was witnessed in the local bullion market yesterday. Both the precious metals ruled firm. In white metals, silver .999 and .916 improved by Rs 90 each to Rs 8225 and Rs 8125 a kg respectively on firm overseas advices and greater industrial demand. Delhi advices also indicated a decent trend.

In yellow metals, standard gold and 22 carat gold firmed up further by Rs 50 and Rs 45 to Rs 3,975 and Rs 3,675 per 10 grammes respectively on firm overseas advices and better local demand on account of the marriage season. Gold biscuit prices also hardened by Rs 600 at Rs 46,500 per piece of gold bar.