Gold, silver slip on subdued demand
Gold prices fell to nearly five-week low at the bullion market on subdued demand amid reduced local buying interest. Silver also slipped on sustained speculative selling and lower industrial buying.
Standard gold (99.5 purity) dropped R110 per 10 gram to close at R30,980. Silver ready (.999 fineness) dipped by R310 per kg to conclude at 61,730.
Potato futures hit lower limit
Potato prices tumbled to hit daily lower limit of four per cent to R867.40 per quintal in futures trade as speculators offloaded positions on the back of sluggish demand against adequate supplies. At the Multi Commodity exchange, potato for delivery in October plunged by R36.10, or 4%, to R867.40 per quintal, with a business turnover of 51 lots. Likewise, the potato for delivery in March traded lower by R2, or 0.28%, to R705 per quintal.
Coffee exports up 2% in 2011-12
Coffee exports has risen by 2% in value terms to R4,800.89 crore in the last coffee year that ended in September. The exports in volume terms, however, dropped by 8% to 3.21 lakh tonnes in the period under review, according to the Coffee Board data. Country had exported 3.51 lakh tonnes coffee worth R4,706.17 crore in 2010-11 coffee year (October-September). In Dollar terms, the export earnings declined by 7% to $955.88 million in 2011-12 coffee year.