QUARTS & OUNCES

Sugar prices fall on heavy selling 

MUMBAI: Sugar prices plunged at the Vashi wholesale market here on Wednesday on emergence of heavy offloading by stockists and traders, amid strict government measures to control the spiralling prices. "The government order to release non-levy sugar quota from the mills on a weekly basis in four instalments against monthly quota finally helped the prices to come down to some extend," traders said. Small sugar quality (S-30) dropped by Rs 150/190 per quintal to Rs 3,800/3,900 from overnight closing level of Rs 3,990/4,050. Medium sugar quality (M-30) also fell by Rs 3,860/4,000 per quintal to Rs 4,050/4,130 on Tuesday. 
Gold takes a break, silver moves up 
MUMBAI: Gold prices, which witnessed frantic buying in the overnight trade failed to maintain its pace on Wednesday's trade at the domestic bullion market, in the absence of necessary buying support and closed rock steady. On the other hand, silver prices moved up marginally on mild demand from industrial users. Silver ready (.999 fineness) edged up by Rs 10 per kilo to close at Rs 26,840 from Tuesday's closing level of Rs 26,830. However, standard gold (99.5 purity) and pure gold (99.9 purity) both closed unaltered at Rs 16,710 and Rs 16,795, respectively. But, in global markets, gold rose to a two-week high in Europe as the dollar extended losses against the euro. Spot gold was bid at $1,121.40 an ounce in early trade as against $1,113.95 late in New York on Tuesday. 
Base metal rallies on global cues 
MUMBAI: Most of the base metals rallied at the non-ferrous metal market on Wednesday on emergence of heavy stockists buying triggered by firming of prices on LME. Tin hardened by Rs 15 per kilo to Rs 915 from Tuesday's closing level of Rs 900 and nickel by Rs 10 per kilo to Rs 920, against Rs 910 previously. Copper utensils scrap strengthened by Rs 8 per kilo to Rs 316 from Rs 308 on Tuesday. Lead and copper sheets cutting rose by Rs 7 per kilo each to Rs 110 and Rs 331, respectively, against Rs 103 and Rs 324, previously. 
GJF seeks modification in tax codes 
BANGALORE: The Gems and Jewellery Federation (GJF), the national body of the jewellery trade, has sought some modifications in the proposed Direct Tax Codes, as such provisions could hurt the industry, which is recovering from recession and getting more organised. Addressing media, Vinod Hayagriv, chairman, All India Gems and Jewellers Trade Federation, said it was objecting to the search and seizure provision, tax on gross assets and tax deducted at source (TDS) on all payments. Such provisions would only create hassles for the industry, he said.