MUMBAI, Mar 19: Silver prices opened firm but eased towards close on the bullion market here today. Gold ruled steady in a narrow price band.Silver .999 commenced Rs 70 higher at Rs 8,350 before settling down at Rs 8,300 with a marginal gain of Rs 20 per kg after a sharp fall of Rs 295 recorded on Wednesday. Likewise silver .916 also moved in both ways and closed Rs 15 lower at Rs 8,165 per kg in same fashion.
Industrial demand remained sluggish while news of fresh setback in the global market after initial rally put pressure on the local market, it was said. In the global market at one stage the white metal shot up from $5.80 to $6.08 but later on closed at $5.85 an ounce.
Standard gold moved in a narrow range and finished static at Rs 3,950 per 10 gm. so was gold 22 carat at Rs 3,650 per 10 gm. Prices of gold biscuit (116.50 gm.) remained steady at Rs 46,400 per piece. Seasonal buying was dull but thin supplies and recovery in the world market kept offerings at a low ebb. In the global market goldplaced firm at $289.50/291.50 an ounce.
G'nut oil moves up
Groundnut oil looked up on the oil,oilseeds market here today. Castorseed and its oil also extended gains on overseas support.
Groundnut oil edged up by a rupee at Rs 385 per 10 kg on restricted inflow but fresh buying remained sluggish at higher level. In Rajkot it was steady at Rs 580 per 15 kg.
Imported palm oil rose by a rupee at Rs 340 per 10 kg exclusive of tax on shortage of ready stock while upsurge in the global market kept profit-taking limited. In the global market it was placed at $665/670 per tonne.
Castor oil closed a rupee higher at Rs 270/282 per 10 kg on overseas enquiries. Castorseed ready moved up by Rs 5 at Rs 1194/1200 per quintal.
In the futures section castorseed June delivery advanced by Rs 10 at Rs 1,250 per quintal as higher Ahmedabad advices triggered fresh bull interest while bears were covering their short position. Maturing March delivery was not traded today.
Cotton lacklustre
A quietlysteady trend prevailed on the cotton market. Mill demand was lacklustre.
Arrivals in Punjab zone were around 3000 bales. J-34 saw-ginned good average were placed at Rs 2005-2030 a maund spot. Inferior types were traded at as low as at Rs 1980-1985. Cart-selected fetched Rs 2100-2140. F-414 were indicated at Rs 2155-2160 and Bengal Deshi at Rs 1540-1580.
Sanker ruled in the range of Rs 20,000-22,000, V-797 at Rs 15,700-16,000 and Morbi wagad at Rs 14,800 a candy.
Sugar steady
Prices hovered around the previous day’s levels on the sugar market in thin deals.
M-30 were placed at Rs 1420-1495 and S-30 at Rs 1400-1437 a quintal ex-godown. Ex-octroi checkpost, the former were on the offer at Rs 1420-1430 and the latter at Rs 1380-1390.
In tenders, M-30 were indicated at Rs 1385-1395 and S-30 at Rs 1350-1360 in Kolhapur line.
Among imported sugar, Brazilian white were placed at Rs 1335 and offwhite at Rs 1325. South African were quoted at Rs 1340, French at 1345 and Pakistani Rs1390.
Australian gram up
A quiet trend was noticed on the grains market following limited volume of business.
Green peas USA were on offer at Rs 1550, Hungarian Rondo at Rs 1350-1400, Canadian at Rs 1241 and white peas Canadian at Rs 1000 a quintal. Tur Myanmar 1998 and 1997 goods were traded at Rs 1551 and at Rs 1451 respectively. Urad Myanmar ruled at Rs 1221-1251 while moong Myanmar were maintained in the range of Rs 1700-2000. Australian gram presented a better stance since the reports of damage to the crop. Kabuli gram A-2 were placed at Rs 2200-2300, B-2 Iranian at Rs 1900 and Turkish at Rs 1725-1750. C-2 were traded at Rs 1375.
Rajma Chitra deshi were on offer at Rs 2200-2300. Red rajma imported due after a week were mentioned at Rs 1925-1950. In the case of cereals, wheat and rice ruled steady. Wheat arrivals were around 40 lorryloads. Milling wheat were placed at Rs 600-605. Saurashtra Lokvan were traded at Rs 750-850 and SW at Rs 800-1000. MP 147 were placed at Rs 650-800.
RicePermal new medium ruled at Rs 900-925 and superiror at Rs 1050-1075. Old superior were sought after at Rs 1100-1200. AP Masoori and cultured kolams were transacted at Rs 900-925 and at Rs 1050-1125 respectively.
Yarn maintains
A steady trend was in evidence on the yarn market. Activity was moderate.
Polyseter yarn grey first quality of medium-sized units 80dn rotoset were placed at Rs 112-114 and micro rotoset at Rs 127-130 a kg. 80dn weft ruled at Rs 110-111 and warp at Rs 128-130. 80/1000dn and 80/1400dn were placed at Rs 145-150 and at Rs 150-155 respectively.
In the case of 150dn, weft ruled at Rs 85-88, warp at Rs 97-99 and single/double rotset at Rs 92-93.
Metals ranged
Base metals were ranged in slow trade on the metal market as industrial buyers stayed away on news of losses in world prices but thin supplies kept prices quiet as well, dealers said.
Copper was steady at Rs 11,700 per quintal after losing Rs 50 on Wednesday. It was up by Rs 200 on Tuesday following hike inthe prices of Rs 4,000/5,000 tonne announced by state-owned Hindustan Copper Ltd. on Monday.
Nickel maintained at Rs 31,400 per quintal after gainingRs 400 on Wednesday. Thin supplies helped nickel to consolidate gains but demand was dull.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
