Silver Records Small Gain, Sugar Steady, Metals Easy

The decline in silver was arrested on firm overseas advices while gold ruled easy in the local bullion market yesterday. The undertone of the market remained dull.

In white metals, silver .999 and .916 recovered by Rs 10 and Rs 30 to Rs 8,690 and Rs 8,570 a kg respectively on renewed industrial buying at lower level coupled with better overseas advices.

The arrivals remained limited. Delhi advices also indicated a subdued trend.

In yellow metals, both standard gold and 22 carat gold eased by Rs 20 each to Rs 3,980 and Rs 3,680 per 10 grammes on weak overseas advices, subdued local demand and easy availability. Gold biscuit prices also ruled dull, and eased by Rs 200 at Rs 46,600 per piece of gold bar on subdued trading.

Sugar: A steady trend prevailed in sugar prices on lower consumer offtake coupled with normal arrivals at Turbhe, Navi Mumbai, yesterday. Sugar of both the grades ruled steady. The undertone of the market remained weak.

Sugar S-30 grade ruled overall steady, and were nominally quoted at Rs 1450/1485 a quintal on subdued demand coupled with modest arrivals.

Sugar M-30 grade also ruled overall steady at the previous level of Rs 1465/1545 a quintal on dull local demand coupled with normal arrivals.

Meanwhile, sugar for the checkpost deliveries were quoted firm at Rs 1430/1440 a quintal for S-30 grade and Rs 1450/1500 for the M-30 grade.

Non-ferrous metals: An easy-to-steady trend was noticed in the local non-ferrous metals market yesterday.

While the demand remained subdued-to-steady, the undertone remained hesitant.

In scraps section, copper utensils, brass utensils, brass sheetcuttings and aluminium utensils eased further by 25 paise each to Rs 93.25, Rs 82.75, Rs 87.25 and Rs 62 a kg respectively on reduced industrial demand coupled with better arrivals. Meanwhile, copper wirebar ruled overall steady and was nominally quoted at Rs 115 a kg on narrow movements.

In virgin metals, tin slabs firmed up further by Rs 6 at Rs 342 a kg on improved industrial demand coupled with restricted arrivals.

Meanwhile, all the other metals ruled overall steady, and were nominally quoted as under : copper wirebar Rs 115, aluminium ingots Rs 82, zinc slabs Rs 71.50, lead ingots Rs 40 and nickel cathodes Rs 318 a kg respectively on narrow movements.

Oils and Oilseeds: The Bombay Oilseeds and Oils Exchange Ltd remained officially closed yesterday on account of the death of a director of the association.