Palmolein in Mumbai further fell by Rs 50 at Rs 2470 a quintal. Palmolein prices in Malaysia, as compared to last year, nose-dived from $740 to $440 per tonne.

Among oilseeds, mustard laha was down by Rs 25 at Rs 1300 a quintal.Mumbai:Groundnut oil maintained at the reduced level on the oil,oilseeds market here today. Castorseed and its oil on the other hand lost some of the recent gains on withdrawal of overseas interest.

Groundnut oil finished steady at Rs 380 per 10 kg amidst eased supplies, but demand was dull. In Rajkot prices ruled weak at Rs 590/595 per 15 kg. Overall volume of tading was low and the undercurrent was weak at the close followingearly beginning of monsoon.

Meanwhile imported palm oil gained Rs 3 to Rs 250 per 10 kg on firm global market. Palm oil in the international market placed at $340 per tonne for nearby delivery and at $337.50 for forward delivery, it was learnt.Castor oil eased by Rs 2 to Rs 367.50/379.50 in absence of overseas buying. Castorseed ready was down by Rs 10 to Rs 1681.50/1687.50 per quintal nominally in sympathy.

In the futures section castorseed June delivery was not traded today while September delivery was placed lower by Rs 30 to Rs 1,746 per quintal on bull unloading. In the international castor oil market, August delivery was quiet at Rs 372.50 and October delivery at Rs 378.50 per 10 kg on limited trading.In Ahmedabad castorseed June delivery finished lower at Rs 1,632 and September delivery at Rs 1,718 per quintal. In Gujarat castorseed spot delivery was placed lower at Rs 328 per 20 kg among higher supplies - 40000/45000 bags, it was learnt.

Urad dips

An easy-to-firm tendency was noticed atthe local grains and pulses market on Wednesday.

Wheat dara firmed up from Rs 622-630 to Rs 625-633 a quintal on good demand from MP, Gujarat and Maharashtra flour mills coupled with restricted offerings from the producing mandies. Daily arrival, on the Delhi mandi from Punjab and Haryana plummeted to about 8000 bags on strong demand in these states from the consuming areas. No marked variation was seen in coarse grains and rice prices.

Among pulses, urad Rangoon, having moved bothways, dipped by Rs 25 at Rs 1830 a quintal while small masoor and arhar of Maharashtra improved by Rs 10-25 a quintal on stockists support. Gram dipped by Rs 15 at Rs 1250 a quintal on selling pressure.

Gold sovereign plummets

Divergent conditions were seen at the local bullion market on Wednesday.Gold in London which touched a low of 20 years at $272.85 an ounce on May 19, further dipped to $271 an ounce on Wednesday, consequently, gold biscuit and standard mint gold moved down by Rs 25 at Rs 4175 and Rs 4185 10gram, respectively due to weak demand from upcountry buyers.

Gold sovereign also plummeted by Rs 25 at Rs 3650-3675 per 8 gram.Despite inflow of about 8000 kg silver on Tuesday, spot silver .999 fineness and silver weekly delivery improved by Rs 15-20 at Rs 7650 each a kg as New York silver future improved to 508 cents from 506 cents an ounce.

Silver coins, however, held steady at Rs 10,300-10,500 per 100 pieces due to restricted supply.

Mumbai: Gold prices reacted sharply on the bullion market here today. Silver on the other hand finished on a weak note following sharp setback in gold prices.

Standard gold fell by Rs 35 to Rs 4,220 per 10 gm. Gold .22 carat was down by Rs 30 to Rs 3,905 per 10 gm. in sympathy. Prices of gold biscuit i.e. 116.50 gm. dropped by Rs 500 to to Rs 49,400 per piece. Seasonal buying was at a low ebb following early arrival of monsoon in India coupled with fresh losses in the global market which in turn triggered unloading by stockists and local bankers here. And the rally indollar value against rupee had little impact on the bullion market today. In the international market gold declined sharply from $273 to $269.50 per ounce it was gathered.

Silver .999 moved down by Rs 15 to Rs 7,845 per kg after losing Rs 175 per kg on Tuesday. Industrial buyers were stayed away in the falling market while continued overseas supplies in the wake of subdued trend, put renewed pressure on the local market, according to traders. Fresh arrivals of silver were placed around 900/1000 kgs. while volume of trading was sluggish sources said. Delhi was weak and in the overseas market the white metal reacted by a cent to $5.50 per ounce.

Sugar declines

Mill delivery sugar prices continued to lose grounds due to sluggish local as well as upcountry demand. New sugar of Sitarganj slipped by Rs 5 at Rs 1395 and Titabi eased by Rs 8 at Rs 1457 a quintal. Mill delivery sugar Anupshahar, Gajroula and Mirganj were traded at Rs 1410, Bagpat at Rs 1440, Modi and Douralla on advance payment at Rs 1448and tax-paid Jagadhari at Rs 1610 a quintal. Scattered demand in sugar was reported from cold drink units.

Paraffin wax spurts

Citric acid China dipped by Rs 50 to touch Rs 3550 per 50 kg locally due to sufficient stock accumulation and slack demand from consumers units. In Menthol section, stockists profit-taking sent mentha oil, flake and bold reeling down by Rs 10-15 at Rs 395, Rs 528 and Rs 580 per kg. DMO lost Rs 5 per kg.

Titanium dioxide Dupont and TR-92 registered a decline to the tune of Rs 1-3 per kg as local stock position was strong. As imports declined, paraffin wax shot up by Rs 25 per 50 kg.