Bullion Loses Lustre; Vegoil, Sugar Dip

Mumbai, Aug 25: | Updated: Aug 26 2002, 05:30am hrs
Bullion prices on the London Metal Exchange (LME) and in the domestic market weakened during the last week. The prices of bullion shed on LME this week too. Similarly, prices of Vegoil continued to slip as well due to good rains in major oilseeds growing region of the country. Sugar prices too saw a drop due to excess supply and poor demand. The trend of steady prices of Non-ferrous metals continued during this week too.

BULLION: During the last week, prices of gold and silver kept falling due to weak overseas advice and low domestic demand. In the domestic market gold opened at Rs 5,180 per 10 gms levels on Monday to only to slip to Rs 5,080 per 10 gm level on Friday. Silver which opened at Rs 7,895 per 10 kg on Monday closed at a low of around Rs 7,780 per 10 kg level on Friday. On the LME, Gold opened on a weak note at $ 308.75 per troy oz and slipped during the week to $305.95 per troy oz on weekend. Silver too saw the same movement, opening at $4.42 per oz it fell to $4.46 per oz level on Friday.

OILS, OILSEEDS: The prices of most vegoils remained steady in the domestic vegoil market. Crude Palm oil was quoting at around Rs 335 per 10 kgs levels and Soyabean as steady at Rs 369-370 per 10 kg level. Only groundnut oil lost a little ground due to news of rains in major groundnut producing state of Gujrat. The oil lost from Rs 555 per 10 kg level on Monday to Rs 540 per 10 kg level on the weekend.

In the non-edible oil section too, prices continued to remain weak due to a lack of industrial demand. Castor oil prices which were quoting at Rs 335 per 10 kg level came down to Rs 332 per 10 kg level.

COTTON: The cotton prices for most varieties remained steady due to rainfall in most of the cotton growing regions. LRA was seen quoting at Rs 4,387 per quintal, H4 MP was at Rs 5,005 per quintal, Sankar-6 was at Rs 5,343 per quintal and MCU-5 to Rs 6,186 per quintal levels. However, Bengal Deshi fell from Rs 4,218 per quintal level to Rs 4,162 per quintal level.

SUGAR: Low demand and persistent arrivals kept the wholesale prices of Sugar low. Last week, M30 declined to Rs 1,380 per quintal levels and, S30 to Rs 1,325 per quintal levels .

METALS: Prices of domestic non-ferrous metals remained steady but on the LME however, major non- ferrous metals slipped considerably. In the domestic non- ferrous market, Copper wire bar were steady at Rs 126 per kg level, aluminium was at Rs 91 per kg and zinc was steady at Rs 64 per kg and lead too remained steady at Rs 39-40 per kg.

On LME, copper slipped from $1,583 per tonne at the beginning of the week to $1,489 per tonne level. Aluminium which was quoted at $1,375 per tonne at the beginning of the week fell to $1,489 per tonne level. Lead, which was being quoted at $463 per tonne fell to $430 per tonne level.