Silver prices crashed yesterday at the Bombay Bullion Exchange on account of poor industrial demand and demand from local operators, while improved inflows for the white metal aided sentiment. Silver prices (.999 fineness) crashed heavily by Rs 290 to Rs 7440 per kg from Rs 7730 per kg on the previous day while gold softened moderately.
Further, with international prices of gold and silver ruling lower, this dampened sentiment at the local markets here, dealers said.
Prices of raw silver were also down by Rs 285 to Rs 7335 per kg to touch a new low for the year due to global price decline.
Also Read
Poor buying interest by industrial units and local operators even at the lower level and better inflow also aided the sentiment.
Standard gold prices closed lower by Rs 35 to Rs 4150 per 10 gm while 22-carat gold prices were also lower by Rs 30 to Rs 3840 per 10 gm on weak overseas advices coupled with poor seasonal buying interest by local operators.
The 10 tola gold biscuit also lost Rs 400 to Rs 48,700 against the previous close of 49,100 due to weak global trend coupled with poor buying support by investors and jewellery industry.
`With international prices of precious metals weak, the sentiment was reflected at the local markets,' M L Damani, president, Bombay Bullion Association said.
Edible oils: Prices reacted afresh at the Bombay Oilseeds Exchange yesterday.
Groundnut oil declined on lack of demand at higher levels coupled with modest selling pressure. Palmolein prices also eased in sympathy, dealers said.
In the industrial sector, linseed oil prices weakened due to absence of demand from the paint industry.
Other items witnessed sluggish trading interest.
At the futures markets, the castorseeds September contract opened sharply lower at Rs 1357 from Tuesday's close of Rs 1360, but later shot up to the day's peak of Rs 1361 on fresh buying interest.
However, profit booking was witnessed towards the later session of trading yesterday.
This affected early gains, settling at Rs 1360 at the close. The June contract was untraded, marketmen said.
Groundnut oil fell to Rs 425 from the overnight close of Rs 429 and palmolein dropped to Rs 372 from Rs 379. Linseed oil eased to Rs 385 from Rs 380.
Sugar: Prices were steady at the Navi Mumbai markets, moving in a narrow range on sluggish market demand.
The small grade variety recorded prices of Rs 1450-1478 per quintal while the medium grade recorded Rs 1470-1515 per quintal.
Metals: Non-ferrous metals at the Bombay Metals Exchange were firm over the previous day and were quoted as: Copper wire bars Rs 12950 per quintal, zinc slabs Rs 7625 per quintal, lead ingots Rs 4200 per quintal, aluminium ingots Rs 8200 per quintal, tin Rs 352 per kg and nickel Rs 297 per kg.