MUMBAI, July 30: Gold and silver lost gained ground on the bullion market here today.Standard gold declined by Rs 20 at Rs 4,520 per 10 gm. Gold .22 carat reacted by same margin at Rs 4,180 per 10 gm. in sympathy.

Prices of gold biscuit (116.50 gm.) placed Rs 200 lower at Rs 52,900 per piece.Seasonal demand was lower than expected while weak southern and overseas advices prompted profit-taking. In the world market gold slid to $327/327.50 per ounce.

Meanwhile premium of import licence for precious metals declined at early trading from 13 to 12.80 per cent but later on recovered to 13.10%.Silver .999 reacted by Rs 35 at Rs 6,300 per kg. Silver .916 dropped by same margin at Rs 6,200 per kg. Industrial buying was thin while continued supplies prompted unloading by local stockists.

In the global market it was firm at $4.38/4.39 per ounce.Castorseed spurts

Steady to firm trend was noticed on the oil,oilseeds market here today. Castorseed and its oil advanced in the ready delivery while prices turned easy in the forward delivery.

Groundnut oil maintained at Rs 372 per 10 kg amidst thin buying interest in the wake of fag end of the month. Inflow was at a low ebb. In Rajkot spot groundnut oil held at Rs 595/600 per 15 kg. Imported palm oil remained quiet at Rs 251 per 10 kg exclusive of tax but sentiment was subdued as traders were expecting more supplies of palm oil at Mumbai port in the coming days, one broker said.

Castor oil shot up by Rs 3 at Rs 265/277 per 10 kg on the back of hectic buying by shippers ahead of shipment. Castorseed ready spurted by Rs 14 at Rs 1170/1176 per quintal.In the futures section castorseed September delivery commenced lower from Rs 1152 to Rs 1147.50 before concluding at Rs.1150 per quintal on profit- taking by bull operators at higher level.

Volume of transactions however was dull as major players were awaiting permission from Forward Market Commission to start trading in December delivery. Castorseed spot delivery in Gujarat region quoted higher at Rs 231/232 per 20 kg on hectic buying enquiries by shippers and millers it was learnt.

In Hyderabad castorseed rose to Rs 1,200 per quintal and castor oil quoted at Rs 255 per 10 kg.

Cotton subdued

A quietly steady trend prevailed on the cotton market.Activity was restricted and centred round the items of Gujarat.

The reports of beneficial rains in all the cotton growing states have induced selling perssure. V-797 were placed at Rs 14,200-14,800, Morbi Wagad at Rs 13,100-13,200 and Kalagin at Rs 12,300-12,500 a candy spot.Punjab zone J-34 saw-ginned were placed at Rs 1810-1950, F-414 at Rs 2055-2075 and Bengal Deshi at Rs 1015-1075 a maund spot.Meanwhile, the Maharashtra federation has sold around 30,000 bales to the private mills, it was learnt.

Sugar quiet

Trading continued to be restricted and price quietly steady on the sugar market.M-30 were placed at Rs 1470-1490 and S-30 at Rs 1450-1465 a quintal ex-octroi checkpost. Ex-godown, the price ruled at Rs 1490-1535 and at Rs 1471-1495 respectively.

Arrivals were around 80 lorryloads.There were no tenders as the entire quantity for the fortnight has been disposed off, averred trade sources. The delivery orders were quoted at Rs 1415-1420.Grains dullA quietly steady condition continued on the grains market as the volume of business remained at a low ebb due to the end of the month.Wheat MP 147 and Sarbati were quoted at Rs 650-800 and at Rs 800-1100 a quintal respectively.

Rice SLO were mentioned in the range of Rs 900-1000. AP Masoori and Hansa were traded at Rs 875-925 and at Rs 890-900 respectively. AP cultured Kolam were traded at Rs 1050-1100. Permal FCI were indicated at Rs 850-865 and superior at Rs 1075-1100.Among pulses, green peas Rumba and Canadian found sellers at Rs 1900 and at Rs 1381 respectively. Australian gram were placed at Rs 1350. Rajma Chitra deshi were indicaed at Rs 2000-2100 and imported at Rs 1900.

Red rajma imported found sellers at Rs 1800.Yarn unchangedTrading was a tame affair on the yarn market. Price of rayons and nylons were unchanged.Nylon yarn Gujnil crimped 44dn and 81dn were static at Rs 166 and at Rs 123 a kg respectively. 20/1/0dn semi dull were on offer at Rs 210. 111/24/0 were placed at Rs 175. Viscose filament yarns bright cones first quality 150dn ruled at Rs 207 and 120dn at Rd 231.

120dn dull cones were placed at Rs 245.Zinc retreats

Zinc prices lost gained ground while tin and nickel ruled firm on the local market today. Other base metals were steady in limited activity.

Zinc prices fell by Rs 50 at Rs 8,400 per quintal as losses in the world market prompted profit-taking. Zinc was up by Rs 50 on Tuesday. Copper was steady at Rs 13,500, as was lead at Rs 4,200 per quintal in nominal trade.Volume was dull as major players awaiting the announcement of selling prices by state-owned agencies for August.According to trade sources state-owned Hindustan Copper Ltd. may keep prices unchanged but Hindustan Zinc Limited will hike prices for August.

Tin and nickel extended gains on the back of rising international prices. Tin rose by Rs 100 at Rs 29,200 while nickel rose by Rs 200 at Rs 34,300 per quintal.Aluminium prices moved in a narrow range and finished steady at Rs 7,800 per quintal but the undercurrent was firm as some traders expected local producers to hike selling prices of aluminium shortly, one broker said.

Delhi

Both the precious metals lost their shine on the Delhi bullion market on Wednesday due to import arrivals.Gold in London dipped by $ 2 to $ 326 an ounce coupled with inflow of 100 kgs imported gold in the market, gold biscuit and standard mint gold climbed down to Rs 4565 and Rs 4580 from Rs 4600 and Rs 4610 per 10 gram respectively. On Monday, they ruled at Rs 4570 and Rs 4580 per 10 gram. Large fluctuations were reported to be going on in the overseas metal market, consequently, business in local bullion market remained sluggish.

Gold sovereign held steady at Rs 3700-3725 per 8 gram due to depleted stock.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.