MUMBAI, February 4: Groundnut oil prices recovered smartly on the oilseeds market today on fresh buying interest in the face of restricted supply from producing centres. Prices of castor oil and seeds rose further on increased industrial and exporters demand.In the futures market, castorseed June contract found good shippers' demand and closed higher.
In the edible section, groundnut oil recovered by Rs 3 to close at Rs 361 from Rs 358. Palm oil rose further to Rs 304 from Rs 303 on increased demand.
In the non-edible section, castor oil commercial improved to Rs 277 from Rs 276 and castorseed Madras hardened by Rs 5 to settle at Rs 1234. However, linseed oil at Rs 330 and linseed bold at Rs 1300, held steady.
In the futures market, castorseed March contract, started better at Rs 1207 on overnight buying. Later, on emergence of profit-selling, declined to close at the yesterday's level of Rs 1199. On the other hand, June contract rose further by .Rs 3 to close at Rs 1230 as against the last close ofRs 1227.
Silver spurts
Smart rally in silver prices witnessed on the bullion market here today. Gold,on the other hand,crashed below Rs 4,000 mark on the back of losses in the world market.
Silver .999 opened Rs 560 higher at Rs 9,250 per kg (6-years highest level) on the back of sharp upsurge in the international market and acute shortage of ready stock in the local market. But later on, fresh local inflow and profit taking trimmed early gains before concluding at Rs 9,010 with a net overnight jump of Rs 320 per kg. In the ready section, silver .916 moved in both ways, before closing Rs 255 higher at Rs 8,835 per kg.
Silver prices in the global market,initially opened higher from $6.40 to $7.10 per an ounce (9-years highest level) and eased to $6.80/6.85 and were last quoted at $6.95/7.00 sper an ounce, it was learnt.
Stock of silver in the New York market had fallen to 12-year's lowest level which in turn fueled unprecedented buoyancy in the world silver prices, according to brokershere.
Meanwhile,standard gold declined by Rs 60 at Rs 3,990 per 10 gm. Gold .22 carat declined by Rs 55 at Rs 3,690 per 10 gm. Prices of gold biscuit (116.50 gm.) dropped by Rs 700 at Rs 46,700 per piece. Seasonal buying for gold remained sluggish,while continued arrivals and losses in the world market put pressure on the prices. Slide in dollar value against rupee also subdued the sentiment of the market, it was learnt.
DELHI
Silver, on the Delhi bullion market scaled a new high while gold prices suffered a setback on Wednesday.
On hectic buying by the bulls in London and New York, New York silver future scaled a new high and touched 704 cents an ounce mark from 634 cents an ounce, consequently, despite inflow of about 5000 kgs. silver in the market, spot silver .999 on Tuesday evening climbed upto Rs 8840 from Rs 8740 a kg. and on Wednesday scaled a new high at Rs 9250, registering a sharp spurt of Rs 510 a kg. However, no trading was reported at these rates.
Silver weekly delivery, onstrong speculative buying, moved upto Rs 8580 from Rs 8540 on Tuesday evening and on Wednesday flared upto Rs 8750 a kg at noon. It is pertinent to mention here, that spot silver, on January 17, 1992 ruled at Rs 9400 a kg. Silver coins flared up by Rs 200 at Rs 11,000-11,200 per 100 pieces.
Gold, on the overseas markets dipped to $297 from $303 an ounce and inflow of about 4000 kgs of gold of importers followed by weak demand, gold biscuit and standard mint gold climbed down from Rs 4115-4130 to Rs 4050-4060 per 10 gram respectively. According to local traders, gold in Mumbai ruled higher by Rs 50 per 10 gram for the past a few days because of higher tax burden.
Gold sovereign, too, dipped by Rs 25 at Rs 3500-3525 per 8 gram.
Gram goes up
Barring wheat flour, steady-to-firm conditions were noticed on the Delhi grains and pulses market on Wednesday.
Wheat prices remained unchanged on weak advices from the neighbouring states. However, roller flour mill atta, maida and suji slipped by Rs 10 perbag due to slack demand. On increased offerings and demand from upcountry buyers, rice prices remained unchanged.
Among pulses, gram Rajasthani went up by Rs 25 at Rs 1800 a quintal on good demand from dal millers. Better quality dal moong dhoya touched a high of Rs 2500 and arhar scaled a new high at Rs 2800 a quintal while demand in dal masoor remained thin.
Gur dips
Though gur Chaku in Muzaffar Nagar mandi marked up by Rs 5-7 at Rs 355-375 and gur Khurpa ruled firm at Rs 335-345 per 40 kgs yet gur prices, on the local market, dipped by Rs 25 at Rs 875-900 per quintal because of lack of buying by the stockists.
Sugar prices in Western Indian mandies ruled easy on inflow of imported sugar and there was good demand in sugar and sulphor khandsari in Maharashtra markets from upcountry buyers. Therefore, demand in mill delivery sugar of UP remained poor. Mill delivery sugar Mawana was traded at Rs 1388, Simbhouli at Rs 1330, Bagpat at Rs 1297, Ramala at Rs 1382 and Titabi, on cash payment, wasquoted at Rs 1335 per quintal.
Soyabean oil tumbles
On pressure of offerings because of clear sky, mustard laha climbed down to Rs 1260-1290 from Rs 1275-1350 a quintal and arrival of new mustard in Rajasthan, Gujarat and MP was reported to be picking up.
Mustard oil expeller and soyabean oil tumbled down by Rs 40 at Rs 3100 and Rs 3000 a quintal respectively. Local delivery mustard oil was quoted at Rs 3080 a quintal.
Among industrial oils, linseed oil revealed an easy tendency on selling pressure from Kanpur while castor oil ruled firm.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
