The state-owned Indian Oil Corp (IOC) has issued a term tender to buy superior kerosene oil for delivery from July to March 2000, traders said on Monday. The tender, which closes on June 20 with a validity until June 21, seeks a minimum offer of nine cargoes per month. Offers could be cargoes of 30,000 tonnes each for delivery into Mumbai or 40,000 to 45,000 tonnes each for delivery into Chennai and Haldia, traders said. IOC last bought kerosene on term from Kuwait Petroleum Corp (KPC) for June to August, one 40,000 to 45,000 tonnes cargo per month, for delivery on a free-on-board Middle East basis. The contract was awarded at 53 cents per barrel over spot prices.

Mixed trend in spices market

In Mumbai, black pepper ready, copra office calicut, Copra rajapur mumbai and copra edible mumbai Firmed up while copra office Alleppey declined on the mixed spices market here today. Black pepper ready rose by Rs 200/100 to Rs 9,300/10,200 on lack of supplies fromproducing regions. Copra office calicut and copra rajapur both firmed up by Rs 100 each to close at Rs 3,550 and Rs 4,500 respectively. Copra edible mumbai also hardened to Rs 4,200 from Rs 4,150 previously. However, copra office alleppey fell by Rs 150 to end at Rs 3,450 on heavy supplies from cultivating belts.

Caustic soda flake, menthol up

In New Delhi, caustic soda flake varieties DCM, KCI, Gujarat and menthol bold crystal, flake and oil prices gained fresh ground and closed higher on the local chemical market due to restricted arrivals and increased demand.

Caustic soda flake DCM KCI and Gujarat rose by Rs 10 each and modi increased by Rs 20 against previous close of Rs 700 and Rs 740 to settle at Rs 710 and Rs 760 respectively per 50 kg. Meanwhile, menthol varieties menthol bold crystal, falke and oil quoted up at Rs 615, Rs 560 and Rs 420 from previous mark of Rs 590, Rs 540 and Rs 400 per kg.

Mine closure not to affect copper

The copper market can expect little in the way ofa price boost from the closure of Canada's Highland Valley mine, metals dealers said on Monday. The mine, producing 1,70,000 tonnes of metal a year, was closed on the weekend indefinitely amid low metals prices. "At this stage it's factored into the copper market," a dealer in Sydney said. Moreover, additional cuts are required to better bring supply and demand into balance. "Unless there is a coordinated cut back by global producers in the coming months, we see further downward pressure on the copper market," CIBC Wood Gundy Australia Ltd noted in its latest base metals report. London Metal Exchange (LME) three-month copper was quoted $2 a tonne higher at $1,580-$1,584 a tonne in early Monday trading in Australia.

Nymex crude starts with soft tone

In Singapore, NYMEX ACCESS crudes started the week on a soft note on Monday, slipping from the steady levels seen on last Friday. June West texas Intermediate (WTI) crude on ACCESS was trading 14 cents per barrel lower at $17.90 just after midday inSingapore. The contract closed one cent firmer at $18.04 in New York on Friday. Traders said prices would see some volatility this week, swinging between profit-taking and support because of expectations of continued compliance among oil producers to output cuts. SIMEX Brent was unquoted at midday. July Brent on London's IPE closed 11 cents weaker at $15.94 on Friday.

Singapore gas oil falls

Singapore oil product swaps slipped in quiet early trading on Monday on the back of a weaker crude, but gas oil tumbled following a marked absence of cash support on Friday, traders said. Traders said the market ignored the bullish effect of India's unexpected decision to issue a tender to buy first half July delivery gas oil after local traders, that recently bought the physical, turned sellers in the paper market. "Gas oil lost a lot because people were spooked when they saw Hin Leong and Sanko Oil selling the paper on Friday night," one trader said. June gas oil was last quoted down about 70 cents fromFriday at $17.05/$17.20 per barrel, brokers said. June traded to an intra-day high of $17.90 on Friday.