MUMBAI, Feb 5: The white metal spurted further by more than Rs 300 per kg as prices crossed Rs 9,300-mark on the bullion market here today. Gold also bounced back in sympathy.Silver .999 jumped up by Rs 340 at Rs 9,350 per kg and in the ready section silver .916 gained by Rs 365 at Rs 9,200 per kg. On Wednesday it was up by Rs 320 per kg. Thin supplies, lack of ready stock and sharp upsurge in the international market fueled unprecedented buoyancy in the prices and according to traders,the spurt may continue. Silver touched the highest peak level of Rs 9,390 per kg in January 1992.
In the global market,prices spurted from $7/7.5 to $7.80/7.85 per an ounce,which in turn pushed the lending cost of the imported silver higher at Rs 10,000 per kg in India, according to a leading dealer. Silver prices in the world market has touched 10-year's peak,while stock of the white metal in the New York market has fallen to 12-year's bottom level, it was learnt.
Meanwhile standard gold recovered by Rs 10 at Rs 4000per 10 gm. gold .22 carat rose by same margin at Rs 3,700 per 10 gm. Prices of gold biscuit (116.50 gm.) shot up by Rs 100 at Rs 46,800 per piece. Seasonal demand , however,was dull but thin supplies, higher overseas advices and upsurge in the silver prices kept gold firm. In the global market,the yellow metal jumped to $301.50 as against $295.50 per an ounce earlier.
G'nut oil weak
Groundnut oil turned weak on the oil,oilseeds market here today. Castorseed and its oil ruled quiet in the ready delivery,while uptrend continued in the forward section.
Groundnut oil slide from Rs 361 to Rs 359 per 10 kg amidst hectic winter crop supplies,while local demand was at low ebb. In Rajkot,it wlas subdued at Rs 540/545 per 15 kg. Imported palm oil held at Rs 304 per 10 kg,exclusive of tax,amidst thin trading. However, undercurrent was subdued following reports of arrivals at Mumbai port coupled with bearish overseas advices. In the global market, palm oil fell from $600 to $597.50 per tonne.Castor oilremained unchanged at the improved level of Rs 277/289 per 10 kg on stray support from shippers. Castorseed ready held at Rs 1228/1234 per quintal.
In the futures section castorseed March delivery shot up from Rs 1191 to Rs 1214.50 on the back of fresh bull loading,while higher Ahmedabad advices triggered short covering. June delivery placed Rs 10 higher at Rs 1240 per quintal.
In Ahmedabad,March delivery closed at Rs 1181,while June delivery at Rs 1215.50 per quintal respectively. Traders reported arrivals of castorseed in the Gujarat region at 30000/35000 bags.
DELHI
Spot silver, on the Delhi bullion market crossed six years high of Rs 9400 a kg mark and gold also recorded a mild gain on Thursday.
According to trading sources, New York silver future on Wednesday, having touched high of 705 cents, closed at 689 cents but on Thursday, it again shot upto 727 cents an ounce. Consequently, spot silver .999 flared upto Rs 9500 from Rs 9250 registering a sharp spurt of Rs 250 a kg.
Silver weeklydelivery, however, held steady at Rs 8750 as its high was fixed by the operators at Rs 8770 a kg. There was no trading in spot silver on Thursday.
Silver on January 17, 1992, touched Rs 9400 a kg mark on the local market. General Secretary of the Delhi Bullion Merchant Associations, Krishen Goyal Chandiwale, said that present upsurge in silver could be attributed to speculative buying coupled with strained relations between US and Iraq.
Silver coins remained unchanged at Rs 11,000-11,200 per 100 pieces.
Gold on the overseas market improved by $ 2 to $ 299 an ounce, consequently, gold biscuit improved by Rs 10 at Rs 4060 and standard mint gold recorded a gain of Rs 15 at Rs 4075 per 10 gram. Gold sovereign remained unaltered at Rs 3500-3525 per 8 gram.
Rice subdued
Steady-to-weak conditions were seen on the Delhi grains and pulses market on Thursday. Wheat dara, on the local market slipped by Rs 5 at Rs 640-655 a quintal because of weak demand from Indore and the South buyers. prices of wheatproducts in Indore and the South ruled lower by Rs 10-20 per bag. Daily arrival from neighbouring states was reported about 16,000 bags.On increased offerings from UP bajra eased by Rs 5 a quintal and on selling pressure of inferior quality goods from MP mandies, masoor slumped by Rs 50 at Rs 1450 a quintal.
Demand in arhar remained thin because of selling pressure and gram Rajasthani, on unloading by the bulls, declined by Rs 20 at Rs 1780 a quintal. Among rice, prices remained subdued as arrival was higher as compared to demand.
Sugar sluggish
In the wake of weak demand from Rajasthan, Punjab and Haryana, business in mill delivery sugar remained sluggish. Scattered demand in mill delivery sugar Mawana was reported at Rs 1388, Bagpat at Rs 1290, Simbhouli at Rs 1337, Modi at Rs 1382 and tax-paid Khatauli at Rs 1428 a quintal. Ofttake in gur remained poor.
Edible oils slip
On increased offerings of oil and oilseeds in the mandies because of clear sky coupled with weak advices fromRajasathan, Haryana and Punjab, consequently, soyabean oil, in the upcountry mandies slumped by Rs 40 at Rs 2740 a quintal.
Cottonseed oil, on the local market slipped by Rs 20 at Rs 3150 a quintal due to poor offtake. Soyabean oil refined in 15 litre packing remained subdued at Rs 495 and in 15 kgs, packing at Rs 530 a tin.
Turmeric up
Arrival of new turmeric from Andhra declined because of election fever, consequently, turmeric polished climbed up by Rs 50 a quintal and red mace slipped by Rs 5 at Rs 725 a kg, due to slack demand.
Among dry fruits, almond Girdi and Gurbandi recorded a gain of Rs 50 and abjosh registered a sharp spurt of Rs 200 per 40 kgs amidst tight supply position. On holding of stock by the Kerala stockists, copra shot up by Rs 50 at Rs 6300 a quintal.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
