Silver Steady, Groundnut Oil Loses More Ground

Prices of silver on the domestic market steadied yesterday following international trends, where selling pressure eased dramatically. Prices of silver .999 fineness closed at Rs 7,600 per kg (Rs 7670) after opening steady at Rs 7,575 per kg. According to local players, the arrivals in silver were steady and the demand from the industrial sector was strong yesterday which kept the prices relatively firm.

The Bombay Bullion Association president, M L Damani, said, The local markets could now witness a steady trend in the coming days as the selling pressure at the international markets eases.''

The prices of silver .916 were steady and the Reserve Bank of India-approved silver ruled at Rs 7,605 per kg against an opening of Rs 7,580 per kg. International prices of silver ruled at $5.28 per ounce. Gold prices moved in a narrow range and closed marginally lower over the opening level at Rs 4,115 per 10 gm against the previous close of Rs 4,130 per 10 gm. International prices of gold at the London markets ruled at $300.4 per troy ounce. The prices of 22-carat gold also dipped marginally from an opening of Rs 3,820 per 10 gm to close at Rs 3,805 per 10 gm.

Edible oils: Groundnut oil prices fell further at the oilseeds market here yesterday on weak Gujarat advices and increased supply from producing centres. Prices of imported palm oil nosedived by Rs seven due to steep fall in prices in the international markets. In the edible section, groundnut oil fell further sharply by Rs three to close at Rs 414 from Rs 417. Groundnut bold held steady at Rs 1,970.

In the non-edible section, linseed oil turned weak by Rs five at Rs 380 from Rs 385, owing to poor demand from the paint industry. In the futures market, castorseed (June contract) opened weak at Rs 1,267, but recovered on some low-level buying and closed at Rs 1,271, showing a moderate gain over the last close of Rs 1,270.50. Non ferrous metals: Nickel prices declined further sharply on the non-ferrous metals market yesterday due to poor industrial demand along with weak London advices, traders at the Bombay Metal Exchange said. Elsewhere, prices of other metals remained steady on stray support.

Nickel prices fall sharply by Rs three per kg to close at Rs 298. The prices of Copper scrap heavy stood at Rs 114 per kg (Rs 114), copper wire bar at Rs 129.50 (Rs 129.50), copper utensils Rs 98.50 (Rs 98.50), brass scrap Rs 88 (Rs 88), brass sheets cutting Rs 91.75 (Rs 91.75), aluminium scrap Rs 63 (Rs 63), aluminium ingots Rs 82 (Rs 82), zinc Rs 76 (Rs 76), and nickel Rs 298 (Rs 301).

Sugar: Poor offtake continued to affect sugar prices at the Navi Mumbai market yesterday.

Small sugar quality S-30 fell to close at Rs 1,470/1,500 per quintal and medium sugar quality M-30 declined to end at Rs 1,495/1,545 per quintal.