MUMBAI, Mar 21: Silver prices bounced back from the reduced level,while gold ruled quiet on the bullion market here today.Silver .999 opened Rs 170 higher at Rs 8,400 per kg on the back of upsurge in the overseas market,but later on dropped to close at Rs 8,305 on improved arrivals of imported silver with a overnight gain of Rs 75 per kg. Silver .916 also moved in both ways and closed Rs 90 higher at Rs 8,200 per kg. In the global market,the white metal spurted from $5.93/5.94 to $6.24/6.25 per an ounce. Sharp upsurge in the global market helped local prices to rally in the early trading.
Later on,continued inflow of imported metal trimmed early gains towards close. Traders reported about 1500/2000 kg. of imported silver in the market today. Delhi advices remained firm.
Standard gold was unchanged at Rs 3,940 per kg in a narrow band so was gold .22 carat at Rs 3,640 per 10 gm. amidst nominal trading. Prices of gold biscuit (116.50 gm.) ruled steady at Rs 46,300 per piece. Demand was dull but poorsupplies and firm global advices kept offerings at a low ebb during the day. In the global market,gold looked up modestly to $292/292.50 per an ounce.
G'nut oil suffers Groundnut oil suffered a fresh setback on the oil,oilseeds market here today. Castorseed and its oil were quiet in the ready delivery,while prices looked up in the forward market.
Groundnut oil declined by Rs 3 at Rs 381 per 10 kg as demand was petered out, while continued supplies coupled with weak upcountry advices prompted profit taking. In Rajkot,prices reacted by Rs 5 at Rs 575 per 15 kg following report that supply minister in Gujarat had called a meeting with oil millers and traders to discuss the recent upsurge in the prices, it was learnt.
Imported palm oil moved down by Rs 2 at Rs 337 per 10 kg exclusive of tax as higher prices attracted profit taking among local importers. Castor oil held at Rs 270/282 per 10 kg on limited trading. Castorseed ready was also remained steady on nominal trading.
In the futures section,castorseed June delivery recovered by Rs 2.50 at Rs 1240 per quintal as bullish Ahmedabad advices prompted light short covering. Maturing March delivery remained absent from trading.
In Ahmedabad, June delivery looked up by Rs 1.50 at Rs 1224.50 per quintal. Ready delivery was steady at Rs 233 per 20 kg. and arrivals of castorseed in the Gujarat region has picked up to 45000/47000 bags today.
Sugar declinesA dull-to-easy condition was in evidence on the sugar market. Offtake was slack.
Prices shed Rs 5 a quintal ex-godown as M-30 were placed at Rs 1440-1495 and S-30 at Rs 1395-1428. Ex-octroi checkpost, M-30 declined from Rs 1420-1440 to Rs 1405-1420 while S-30 were down to Rs 1375-1385 from Rs 1375-1395.
Imported sugar ruled unchanged. Brazilian white and offwhite were on offer at Rs 1330 and at Rs 1325 respectively. South African/French goods found sellers at Rs 1340. Pakistani sugar was on offer at Rs 1380-1385.
In tenders, a steady trend was indicated as M-30 were placed at Rs 1380-1390 and S-30at Rs 1340-1350 in Kolhapur line.
Gram, urad weakGram and urad price turned weak on the grains market. Elsehwere, a quietly steady condition continued.
Australian gram price lost the entire gains resulting from the reports of damage to the crop as the price slumped from Rs 1300-1325 to Rs 1200-1225 on lack of adequate buying support. The supply of indigenous material was also comfortable. Urad Myanmar price shed Rs 25 on increased inflow and ruled at Rs 1200.
Kabuli gram A-2 were placed at Rs 2200-2300. B-2 Iranian ruled at Rs 1900-1950, Turkish at Rs 1725-1750 and C-2 at Rs 1375. Iranian kabuli gram natural were on offer at Rs 1500. Green peas USA ruled at Rs 1550,Hungarian Rondo at Rs 1350-1400 and Canadian at Rs 1000.
White peas Canadian were placed at Rs 1000. Moong Myanmar were in demand at Rs 1700-2000. Tur Myanmar 1998 and 1997 crop goods were transacted at Rs 1551 and at Rs 1441 respectively. Rajma chitra deshi ruled at Rs 2200-2300. Red rajma imported due after a week were on offer at Rs1925-1950The market had received a total of around 70 truckloads of wheat from Gujarat and MP.
Wheat milling were placed at Rs 600-605. Saurashtra wheat Lokvan ruled at Rs 750-850 and SW at Rs 800-1000.
North Gujarat Lokvan wheat ruled in the range of Rs 635-800.
Rice Permal new medium ruled at Rs 900-925 and superior at Rs 1050-1075. Old Permal superior were transacted at Rs 1100-1200.
Cotton steadyA steady condition was noticed on the cotton market.
Punjab J-34 saw-ginned good average ruled at Rs 2000-2035, cart-selected at Rs 2050-2125 and Bengal Deshi at Rs 1540-1580 a maund spot.
Sanker were placed in the range of Rs 20,000-22,000 a candy. V-799 and Morbi wagad ruled at Rs 15,800-16,200 and at Rs 14,800-15,000 respectively.
Yarn quietPrices hovered around the previous day’s levels in limited volume of business on the yarn market.
Viscose filament yarns bright cones first quality Century Rayon 150dn ruled at Rs 228, 120dn at Rs 247, 100dn at Rs 265 and 75dn at Rs 269 a kg.
In thecase of coarse deniers, 300dn were on offer at Rs 166, 450dn at Rs 150 and 600dn at Rs 144. 120dn dull cones were placed at Rs 261.
On encouraging overseas advices, both the precious metals on the Delhi bullion market showed a smart rally on Saturday.New York silver future climbed upto 624 cents from 598 cents an ounce, consequently, spot silver .
999 flared upto Rs 8570 from Rs 8300 a kg. but there was no deal till noon on Saturday in spot silver. Silver weekly delivery recorded a hefty rise of Rs 170 at Rs 8545 a kg. on strong speculative buying. Arrival of imported silver on Friday was reported about 5000 kgs. Silver coins flared up by Rs 100 at Rs 9900-10200 per 100 pieces.
Gold on the overseas market improved by $2 to $292 an ounce, consequently, gold biscuit and standard mint gold firmed up by Rs 15 at Rs 4025 and Rs 4035 per 10 gram respectively. Gold sovereign remained unchanged at Rs 3450-3475 per 8 gram.
Mumbai: Silver prices staged a smart recovery on the bullion market here on Saturday onthin supply coupled with firm overseas advices. Prices of gold, however, held steady on scattered dealings.
Ready silver of .999 fineness recovered smartly by Rs 75 to close at Rs 8305 from the previous close of Rs 8230. Raw silver of .916 fineness at Rs 8200 and tenderable silver at Rs 8310 also displayed smart recovery from the last close of Rs 8110 and Rs 8235 respectively.
However, standard gold at Rs 3940, 22-carat gold at Rs 3640 and ten-tola gold bar of .999 purity at Rs 46,300 showed no change from the previous close.
Rajmash chitra gains
Barring rajmash chitra, steady-to-weak conditions were noticed on the Delhi grains and pulses market on Saturday.
Arrival of new wheat in MP, Rajasthan and Gujarat was reported to be picking up, consequently, upcountry demand in wheat from Delhi mandies remained dull. On inflow of about 12,000-13,000 bags of wheat against 7,000-8,000 bags, wheat dara further dipped by Rs 25 at Rs 515-520 a quintal and wheat desi of Rajasthan was down by Rs 25 at Rs600 a quintal.
Roller flour mill atta, in sympathy with wheat, climbed down by Rs 25 at Rs 490-500 a bag and maida and suji prices also slipped by Rs 5 per bag. Daily arrival of gram improved to 47-50 lorries, consequently, gram prices tumbled down to Rs 1085-1300 from Rs 1150-1370 a quintal while on Thursday, they were priced at Rs 1175-1400 a quintal.
Daily arrival of new gram in Gujarat, MP and Maharashtra mandies was of the order of about one lakh bags. Masoor and its dal slumped by Rs 25-50 a quintal on weak MP advices while on stockists buying, rajmash chitra recorded a gain of Rs 25 a quintal.
Sugar improves
On reports that Union Food Minister is likely to make-up shortage of levy sugar from millers, consequently, Delhi, Punjab, Haryana and UP parties settled deals in mill delivery sugar for about 40,000-50,000 bags. Mill delivery suagr Mawana improved by Rs 10 at Rs 1360 a quintal and new Mawana sugar was traded at Rs 1395 a quintal.
Deals in mill delivery sugar Amroha were struck atRs 1300, Bulandshahar at Rs 1297 and Venus at Rs 1315 a quintal. On strong demand from stockists as well as despatchers in Muzaffar Nagar mandi, gur Chaku ruled firm at Rs 360-385, Khurpa at Rs 360-375 and Shakkar ruled firm at Rs 390-405 per maund.
Cottonseed oil suffers
With the intention of arresting soaring edible oil prices, Govt. is likely to step up import of edible oils, consequently, on profit-taking selling by the operators, mustard oil expeller tax-paid tumbled down by Rs 50-100 a quintal and cottonseed oil suffered a setback of Rs 50 at Rs 3500 a quintal.
Demand from vanaspati and refining mills in edible oils remained poor because of higher prices. Daily arrival of mustard at Lawrence Road was reported about 7,000-8,000 bags and prices dipped to Rs 1300-1375 a quintal.
Coconut powder slips
Cardamom small, on the local market edged upto Rs 220-635 from Rs 210-630 a kg.
as production is apprehended to decline. Among dry fruits, no spectacular variations was noticed in a thin trading. However, coconut powder declined to Rs 975-1150 from Rs 1000-1200 per 25 kgs.
Twill firms upFollowing steady prices in Calcutta which resulted in meagre inflow to markets here, B. Twill (2, lbs) firmed up by Rs 25-50 per 100 bags and B. Twill (2lbs), A. Twill, twines and hessians traded at the previous prices on firm note. Old gunny bags also were unchanged on better demand.
Cone yarn sluggish
Mostly counts in hank and cone yarn remained sluggish in thin trading with prices unaltered due to continued poor buying response from handloom and powerloomunits of Pilkhuwa, Meerut, Muradnagar, Sardhana and local. Hosiery and waste yarn also witnessed a sluggish trend in sales. Cotton prices were unchanged on dull note on declined demand from spinning mills.
Menthol bold down
Tartaric acid France declined by Rs 4 at Rs 380 per kg as the demand was more in locally produced cheaper brands. Menthol flake and bold lacked consumer interest and were marked down further by Rs 5-10 at Rs 465 and Rs 530 per kg. Other chemicals were unchanged.
Copper easy
With the industrial demand not so encouraging and closing of accounts due to last month of the fiscal year, declining the ready money availability further, copper wire bar, rod and its wire utensils, mixed scrap accessories and tin ingot eased by 50 paise to Re 1 per kg. Brass sheet cutting, however, edged up by Rs 2 at Rs 87-90 per kg on weak stocks and arrivals.
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