Silver, Copper Up; G'Nut Oil, Sugar Still Declining

Silver prices rebounded at the local bullion market yesterday with increased demand. Prices of silver .999, which were depressed during the early half of the week, gained marginally on Wednesday and moved up yesterday, closing at Rs 7,700, up Rs 100 over the previous close of Rs 7,600.

Standard gold prices ruled steady and moved in a narrow range, finally closing at Rs 4,150 per 10 gm against the previous close of Rs 4,115 per 10 gm. The 22-carat gold was at Rs 3,840 per 10 gm, while the 10-tola gold bar ruled at Rs 48,700 per 10 gm.

According to the Bombay Bullion Association president M L Damani, "The sentiment for silver seems to have improved with increased demand from the industry and fresh offtake through local stockists. This is likely to keep prices firm in the coming days.''

Edible oils: Groundnut oil eased further moderately on the oilseeds market here yesterday owing to lack of buying interest coupled with weak Gujarat advices, traders said. In the edible section, groundnut oil eased to Rs 413 from Rs 414. Groundnut bold, however, held steady at Rs 1,970. Palm oil fell to Rs 379 from the last close of Rs 380 per kg. In the non-edible section, castor oil commercial stood at Rs 282, castorseed madras at Rs 1,258, linseed oil at Rs 380 and linseed bold at Rs 1,400 remained steady. In the futures market, castorseed (June contract) opened steady at Rs 1,271 and after moving in a restricted way, closed at the same level, showing no change from yesterday.

Sugar: Sugar prices continued to remain weak at the Navi Mumbai wholesale sugar market yesterday on increased arrival from mills and relatively poor demand, dealers said. Medium sugar M-30 eased to Rs 1,490/1,535 per quintal, while small sugar S-30 held steady at Rs 1,475/1,500. Following were yesterday's rates per quintal: Small sugar S-30 Rs 1,475/1,500 (Rs 1,470/1,500) and medium sugar M-30 Rs 1,490/1,535 (Rs 1,495/1,545).

Metals: Copper and brass prices recovered at the Bombay Metal Exchange market here yesterday due to fresh rise in the international prices coupled with good industrial buying, traders said.

Copper scrap heavy rose to Rs 114.50 per kg, while copper utensils looked up to Rs 98.75. However, copper wire bar remained steady at Rs 129.50 per kg. Brass scrap edged up to Rs 88.25 per kg and brass sheets cutting improved to Rs 92. Prices of other varieties were as follows: Copper scrap heavy Rs 114.50 (Rs 114), copper wire bar Rs 129.50 (Rs 129.50), copper utensils Rs 98.75 (Rs 98.50), brass scrap Rs 88.25 (Rs 88), brass sheets cutting Rs 92 (Rs 91.75), aluminium scrap Rs 63 (Rs 63), aluminium ingots Rs 82 (Rs 82), zinc Rs 76 (Rs 76) and lead Rs 42 (Rs 42).