MUMBAI, Jan 29: Upsurge in both the precious metals continued on the bullion market here today. Standard gold placed Rs 25 higher at Rs 4,050 while gold .22 carat rose by Rs 20 at Rs 3,745 per 10 gm. Prices of gold biscuit (116.50 gm.) hardened by Rs 300 at Rs 47,400 per piece.Seasonal buying continued, while thin supplies and firm global advices kept gold prices firm. Fresh upsurge in dollar prices against rupee also aided the firm tendency. In the global market, the yellow metal improved to $303.75/304 per an ounce
Silver .999 up by Rs 35 at Rs 8,470 per kg. Silver .916 moved up by same margin at Rs 8,370 per kg. Industrial demand was turned sluggish. However, lack of ready stock and bullish overseas advices kept speculators active buyers. In the international market, the white metal rose to $6.09/6.10 per an ounce.
Oil,oilseeds mixed
Groundnut oil looked up modestly on the oil,oilseeds market here today. Castor oil ruled subdued, while castorseed ready and forward delivery moved in oppositedirection.
Groundnut oil placed a rupee higher at Rs 361 per 10 kg amidst lower supplies due to strike called by the tanker owners. Demand, however, remained dull. In Rajkot, it was steady at Rs 545 per 15 kg.
Imported palm oil edged up by a rupee at Rs 304 per 10 kg exclusive of tax. Undercurrent of the markiet towards close remained subdued following expectation of more arrivals in the coming days.
Castor oil up by 50 paise at Rs 271.50/283.50 per 10 kg. Hectic offerings by Brazil in the world market has lowered export demand for Indian castor oil, according to one exporter. Castorseed ready finished Rs 3 lower at Rs 1201/1207 per quintal.
In the futures section castorseed March delivery rose from Rs 1,173 to Rs 1,174 before concluding at Rs 1173.50 on light short covering following firm Ahmedabad advices. June delivery closed Rs 7 higher at Rs 1,215 per quintal nominally in sympathy. Traders were reported arrivals of castorseed in the Gujarat region at 35000 bags today.
Grainssteady
Wheat price exhibited distinct firmness on the grains market. Elsehwere, quietly steady trend continued.
Following very restricted supply due to virtual stoppage of arrivals from the producing centres in the wake of prices ruling higher there,as also on account of stock limit regulations coupled with improved buying support gave a sharp boost of Rs 30 to 35 a quintal to the prices.
Milling wheat were up at Rs 711 for Khopoli delivery and at Rs 700 for Thane delivery. Wheat Ganganagar were placed at Rs 725-750, North Gujarat at Rs 690-750, Maharashtra at Rs 700-825, MP 147 at Rs 750-850 and Sarbati at Rs 900-1200.
Rice ruled unchanged. AP masoori and cultured kolams were placed at Rs 900-925 and at Rs 1000-1100 respectively. Permal FCI average new and old were traded at Rs 850-900 and at Rs 950 respectively. Superior were in demand at Rs 1150-1225.
Among pulses, tur Myanmar 1998 crop ruled at Rs 1425, 1997 at Rs 1325 and 1996 at Rs 1150-1175. Australian gram found sellers at Rs 1650.Kabuli gram A-2 Mexican were quoted at Rs 2050, B-2 Iranian at Rs 1800-1850, Turkish at Rs 1750 and C-2 at Rs 1575.
Green peas Rumba USA at Rs 1550-1575, Hungarian Rondo at Rs 1325-1350, Canadian at RS 1215 and white Canadian at Rs 1051-1061 were quietly steady.
Sugar better
A steady-to-better tendency was in evidence on the sugar market. Demand was modest.
M-30 were steady at Rs 1455-1530, while S-30, on buying support, were edged up from Rs 1430-1450 to Rs 1440-1470 a quintal ex-godown. Also Ex-octroi checkpost, M-30 were maintained at Rs 1435-1450, while S-30 were placed at Rs 1418-1435 as against Rs 1412-1425.
Among imported sugar, Brazilian ready and 1st week February delivery ruled at Rs 1365 and at Rs 1351 respectively. South African ruled at Rs 1380, while French for container delivery were on offer at Rs 1385.
In tenders, steady trend was indicated as S-30 were placed at Rs 1390-1395 in Kolhapur line.
Cotton steady
Punjab zone goods prices looked up slightly afresh,while other items ruled steady on the cotton market. Mill demand was very limited.
Punjab zone cotton prices firmed up by Rs 10 a maund. J-34 saw-ginned good average ruled at Rs 2030-2070 and cart-selection at Rs 2100-2160 spot. F-414 were placed at Rs 2200-2210
Bengal Deshi were mentioned at Rs 1525-1560. Arrrivals were around 10,000 bales.
Sanker ruled in the range of Rs 20,800-22,000 a candy. V-797 ready and March/April delivery were placed at Rs 16,500-16,600 and at Rs 16,000-16,100 respectively.
Meanwhile, rumour was taking rounds that the southern mills were planning to keep the operations closed for one day due to uneconomic operations caused by sharp rise in cotton prices.
Yarn quiet
A quietly steady tendency continued on the yarn market. Activity turned further slack due to proximity of Ramzan Id resulting into the workers' absence from work in Bhiwandi powerlooms.
Polyester yarn grey first quality of medium-sized units 80dn rotoset were placed at Rs 78-80, micro rotoset at Rs85-87, 80dn weft at Rs 74-75 and 84dn weft at Rs 72-73 a kg 80/1000dn and 80/1400dn were mentioned at Rs 122-125 and at Rs 135-140 respectively.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
