Silver, Gnut Oil Plunge; Sugar Tags Weaken

Silver prices crashed at the Mumbai bullion market yesterday following hectic offloading at the international markets. Prices of the .999 fineness fell from the Rs 7,925 per kg levels to close at Rs 7,670 per kg, down by Rs 255. According to market sources, silver prices are expected to remain weak in the coming trading sessions.

Gold prices were, however, moved in a narrow range before closing at Rs 4,130 per 10 gm against the previous close of Rs 4140 per 10 gm. The 22 carat gold tags ruled steady to close at Rs 3,820 per 10 gm against the previous close of Rs 3,830 per 10 gm. Prices of the 10 tola gold bar also moved in a narrow range, closing at Rs 48,500 per 10 gm.

Tenderable silver recorded lower prices touching Rs 7,675 per kg. "Silver reacted sharply following international trends. Further, with strong arrivals witnessed, the prices remained subdued,'' M L Damani, president of the Bombay Bullion Association said.

Edible oils: Groundnut oil prices declined sharply on the oilseeds market yesterday on poor demand along with weak Gujarat advices. Prices of palm oil eased on weak global advices. Castor oil and castorseeds turned weak on lack of industrial and exporters' offtake.

In the edible section, groundnut oil declined by Rs 6 to Rs 417. Palm oil fell by Rs 4 to end at Rs 387. In the industrial section, castor oil commercial weakened to Rs 282 from Rs 283, while castorseed Madras declined to Rs 1258 from the last close of Rs 1262. Linseed oil at Rs 385 and linseed bold at Rs 1400, however, held steady.

In the futures section, castorseed June contract improved to Rs 1270.50 from Rs 1269.50 while September contract edged up to Rs 1,332 from Rs 1331.

Sugar: Prices of sugar at the Navi Mumbai market declined further yesterday on lack of demand amidst increased supply, dealers said. Following were yesterday's rates: Small sugar quality S-30 Rs 1475/1508 per quintal (Rs 1490/1520) and medium sugar quality M - 30 Rs 1505/1550 per quintal (Rs 1510/1555).

Metals: Prices of most non-ferrous metals turned weak following international trends, particularly at the London Metal Exchange. Prices of copper, brass and nickel fell on the non-ferrous metals market yesterday, traders said. Following were yesterdays rates: Copper scrap heavy Rs 114 per kg (Rs 114.50), copper wire bar Rs 129.50 per kg (Rs 130), copper utensils Rs 98.50 per kg (Rs 99), brass scrap Rs 88 (Rs 88.50), brass sheets cutting Rs 91.75 (Rs 92), aluminium scrap Rs 63 (Rs 63), aluminium ingots Rs 82 (Rs 82). Prices of zinc, tin and lead remained steady with zinc closing at Rs 76 (Rs 76), lead Rs 42 (Rs 42), tin Rs 352 (Rs 352) and nickel Rs 301(Rs 304).