Gold weakened further due to weak world prices and increasing new arrivals despite a pick up in demand due to the wedding season buyers, dealers said.
Gold 24 carat opened lower by Rs 80 to Rs 4,100 per 10 gram. Gold 22 carat opened lower by Rs 70 at Rs 3,790. Sanghavi predicted gold supplies to rise further in the domestic market with some select authorised banks, too, bringing in the yellow metal, taking advantage of low global prices.
Prices of gold biscuits fell Rs 800 to Rs 48,000 per piece in early trade. Dealers said silver prices gained on good local buying and higher world market advices, coupled with a shortage of ready stock. Silver (.999) opened higher by Rs 55 per kg at Rs 7,050 against the previous close of Rs 6,995 and silver (.916) made a similar gain at Rs 6,950 per kg.
Sugar: Sugar prices were unchanged at the Navi Mumbai wholesale sugar market on Monday, dealers said. Both the grades of sugar ruled steady due to reduced offtake.Spot delivery sugar S-30 was quoted at the previous level of Rs 1,510/1,541 per quintal while M-30 was quoted at Rs 1,548/1,580 per quintal.
Oil/oilseeds: Groundnut prices declined on the oilseeds market yesterday on poor demand
Lower upcountry advices and increased arrival also softened the prices.
Groundnut oil eased by Rs 3 to close at Rs 338 as against the earlier close of Rs 341.
Groundnut bold, however, held steady at Rs 1900. Palm oil edged up to Rs 273 from Rs 272 per quintal on good local buying. In the futures market, castorseed December contract opened firm at Rs 1221, and hardened further to close at Rs 1241, showing a sharp rise of Rs 14 over the last close of Rs 1217. Castorseed March' 98 contract also started higher at Rs 1152 and closed at Rs 1155, a rise of Rs 6 from the last close of Rs 1149.
Castor oil commercial at Rs 274, castorseed madras at Rs 1219, linseed oil at Rs 282 and linseed bold at Rs 1300 remained steady on stray support.
Non-ferrous metals: Prices of non-ferrous metals fell in the Mumbai market on Monday, tracking Hindustan Copper Ltd's reduced prices, dealers said.Earlier, Hindustan Copper had reduced its prices of copper wire bar, cathodes and rods by Rs 4 per kg, dealers said.
Copper fell Rs 150 to Rs 12,350 per quintal. Nickel prices dropped by Rs 100 to Rs 31,000 per quintal. Aluminium was steady at Rs 8,250, zinc at Rs 7,600, lead at Rs 4,100 and tin at Rs 31,200 per quintal.
The non-ferrous metals market will remain officially closed on Tuesday to protest against the imposition of a five per cent service tax on transport.
