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Our Commodity Bureau
MUMBAI, Aug 4: Groundnut oil extended losses further on the oil,oilseeds market here today. Castorseed and its oil on the other hand spurted due to acute shortage of nearby supplies while fresh overseas enquiries triggered covering by bears and shippers.
Groundnut oil declined from Rs 513 to Rs 507 per 10 kg amidst sluggish demand while higher prices attracted profit-taking among stockists. Demand was dull as seasonal buyers were switched over to other edible oils including imported edible oil due to cheaper prices against groundnut oil, it was learnt.
Imported palm oil reacted by Rs 3 at Rs 355 per 10 kg. exclusive of tax amidst thin demand while weak overseas advices and renewed inflow prompted unloading by local importers. Delivery for second half of August was quoted lower at Rs 352 and for September at Rs 350 per 10 kg. In the global market palm oil closed lower at $675 as against $667.50 per tonne earlier.
Castor oil shot up by Rs 19 at Rs 425/437 per 10 kg in the wake renewed buying interest by MUMBAI, Aug 4: Groundnut oil extended losses further on the oil,oilseeds market here today. Castorseed and its oil on the other hand spurted due to acute shortage of nearby supplies while fresh overseas enquiries triggered covering by bears and shippers.
Groundnut oil declined from Rs 513 to Rs 507 per 10 kg amidst sluggish demand while higher prices attracted profit-taking among stockists. Demand was dull as seasonal buyers were switched over to other edible oils including imported edible oil due to cheaper prices against groundnut oil, it was learnt.
Imported palm oil reacted by Rs 3 at Rs 355 per 10 kg. exclusive of tax amidst thin demand while weak overseas advices and renewed inflow prompted unloading by local importers. Delivery for second half of August was quoted lower at Rs 352 and for September at Rs 350 per 10 kg. In the global market palm oil closed lower at $675 as against $667.50 per tonne earlier.
Castor oil shot up by Rs 19 at Rs 425/437 per 10 kg in the wake renewed buying interest byshippers while arrivals remained negligible due to fag end of the season. Lower offerings by Brazil and China in the world market has prompted increased overseas buying for Indian castor oil, one exporter said here. Castorseed ready advanced from Rs 1847/1853 to Rs 1938/1944 per quintal in sympathy.
In the futures section castorseed September delivery rose by Rs 20 at Rs 1722 per quintal on stray bull interest. But volume of trading was limited. Trading in December delivery will commence from Thursday, according to floor sources.
In Gujarat castorseed spot delivery placed higher at Rs 380/385 per 20 kg. due to poor supplies. Castor oil however quoted firm at Rs 415/420 per 10 kg.
Bullion declines
Both the precious metals ruled weak on the bullion market here today. Standard gold fell by Rs 10 at Rs 4,195 per 10 gm. Gold .22 carat eased by same margin at Rs 3,880 per 10 gm. Prices of gold (116.50 gm.) closed Rs 150 lower at Rs 49,150 per piece.
Seasonal buyers were stayed away in the fallingmarket as weak overseas advices and fresh inflow prompted renewed selling by stockists. In the global market gold finished lower from $286.65 to $285.40 per ounce.Silver .999 reacted by Rs 80 at Rs 8,155 per kg. Silver .916 slipped by Rs 90 at Rs 8,015 per kg in sympathy. Industrial demand was dull and continued inflow of imported silver coupled with losses in the world prices triggered panic selling among local traders. Delhi advices were discouraging. In the global market silver placed lower at $5.38 from $5.41 per ounce earlier.
Cotton steady
A quietly steady trend prevailed on the cotton market. Activity was restricted.
V-797 were placed at Rs 15,700-15,900, Morbi wagad at Rs 15,300-15,400 and kala-ginned at Rs 14,500-14,600 and Sanker in the range of Rs 19,000-22,500 a candy. New Bijapur LRA were placed at Rs 21,500.
Sugar edges up
A steady-to-better trend was in evidence on the sugar market.
Following somewhat better buying support, ex-godown price were edged up by Rs 5 aquintal. M-30 were placed at Rs 1500-1560 and S-30 at Rs 1475-1500. Ex-octroi checkpost, M-30 at Rs 1480-1490 and S-30 at Rs 1460-1470 were maintained.
In tenders, M-30 were placed at Rs 1440-1445 and S-30 at Rs 1430-1435 in Kolhapur line.
Among imported sugar, Dubai was on offer at Rs 1430 and Pakistan at Rs 1410 for out of Maharashtra transactions except for Gujarat. The deals for the state and Gujarat remained suspended since the levy of sales tax.
Grains maintained
A steady trend prevailed on the grains market. Activity was restricted.
Wheat inferior were well-held at yesterday's increased levels on fear of disruption of inflow from Gujarat due to reports of agitation. Wheat milling ruled at Rs 695-700 a quintal. Wheat Saurashtra Lokvan were traded at Rs 775-850 and north Gujarat at Rs 750-825.
Rice SLO at Rs 1000-1100 and Gujarat-17 at Rs 1400-1500 were steady.
Among pulses, green peas USA ruled at Rs 1650. Canadian superior were traded at Rs 1180-1200, medium at Rs 1121-1131 andinferiror at Rs 1111. White peas Canadian ready ruled at Rs 1101 and July/august shipments at Rs 1025. Moong Myanmar were placed at Rs 1800-1900. Tur Myanmar 1998 were on offer at Rs 1925 and 1997 at Rs 1825-1851. Urad Myanmar were placed at Rs 1251-1261.
Yarn quiet
A quietly steady trend prevailed in viscose filament yarn and nylons on the yarn market.
Viscose filament yarn bright cones first quality Century Rayon 150dn ruled at Rs 224, 120dn at Rs 245, 100dn at Rs 258 and 75dn at Rs 269 a kg. 120dn dull cones were on offer at Rs 253.
Among nylons, Shreelon 15/1/0dn were placed at Rs 265 and 20/1/0dn at Rs 231.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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This story was printed from Net Express located at http://www.expressindia.com. Net Express provides a portal to India, with news from The Indian Express and The Financial Express along with sites on travel and tourism, the entertainment industry, the power sector, the environment and much more.
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