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Our Commodity Bureau
Mumbai, Dec 23: Groundnut Oil suffered fresh losses on the oil,oilseeds market here today. Castorseed and its oil on the other hand recovered on fresh covering by shippers and millers following steady overseas enquiries.
Groundnut oil eased by Rs 7 to Rs 418 per 10 kg in absence of fresh buying interest ahead of year-end. Arrivals also remained restricted. In Rajkot it ruled weak at Rs 650 per 15 kg.
Imported palm oil slid by a rupee at Rs 334 per 10 kg. Subdued overseas advices and sluggish buying attributed to the downtrend. In the global market palm oil fell to $630 per tonne before concluding at $635 per tonne for nearby delivery. Forward deliveries were quoted lower at $625/630 per tonne.
Castor oil gained by Rs 4 to Rs 398/412 per 10 kg on steady buying by shippers. Castorseed ready shot up by Rs 19 at Rs 1808/1814 per quintal in sympathy.
In the futures section castorseed March delivery lifted from Rs 1469 to Rs 1478 per quintal on fresh covering by bears as ready prices remained firm comparedto forward deliveries, floor sources said. In Ahmedabad February delivery was steady at Rs 1532 and in Gujarat ready delivery was quiet at Rs 345 per 20 kg. And arrivals of castorseed in the Gujarat region placed at 21000/22000 bags, it was gathered.
Bullion divergent
Divergent trend was witnessed on the bullion market here today. Gold reacted while silver bounced back on renewed buying interest.
Standard gold fell by Rs 15 to Rs 4,245 per 10 kg. Gold .22 carat declined by same margin at Rs 3,925 per 10 kg. Prices of gold biscuit (116.50 gm.) dropped by Rs 100 at Rs 49,600 per piece. Seasonal demand was lower than expected while weak overseas advices put fresh pressure on the prices, dealers said. In the global market gold slid from $288.85 to $287.75 per ounce.
Silver .999 recovered by Rs 15 to Rs 7,400 per kg. Silver .916 moved up by Rs 25 to Rs 7,275 per kg. Industrial demand was thin but specualtors remained active buyers at the lower level. Restricted supplies coupled with lack of readystock attributed to the sentiment of the market. In the overseas market silver was quiet at $4.90 per ounce.
Sugar edges up
Sugar price registered fresh small gains on sustained buying support.
Gaining Rs 5 a quintal M-30 were up at Rs 1495-1537 and S-30 at Rs 1470-1497 ex-godown. Ex-octroi checkpost, the price was edged up to Rs 1480-1495 and to Rs 1460-1475 respectively.
Trading in mill goods remained suspended today in Kolhapur line, informed trade sources.
Cotton steady
Prices ruled quietly steady and undertone easy on the cotton market as demand was very restricted.
In Punjab zone arrivals comprised of 3000 bales of Bengal deshi and 13,000 bales of J-34. Bengal deshi roller-ginned Punjab ruled at Rs 1525-1550, Haryana at Rs 1520-1525 and Rajasthan at Rs 1550-1570 a maund spot. J-34 saw-ginned good average Punjab were on offer at Rs 1690-1790, Haryana at Rs 1700-1750 and Rajasthan at Rs 1695-1725. Cart selected goods fetched Rs 1805-1945, Rs 1790-1815 and Rs 1740-1785respectively.
Sanker were placed in the range of Rs 18,000-20,300 a candy with an easy undercurrent.
In furures, both the contracts ruled easy. February ended at Rs 4908, down by Rs 12 points while April lost 5 points and ended at Rs 5001.
Yarn improves
Polyesters improved further on the yarn market. Reliance Industries (RIL) has hiked the price of some of the items.
Polyester yarn prices gained a rupee a kg afresh on the back of continued limited supply from the texturisers due to earlier uneconomic returns and improved demand spurred by slightly better conditions in fabrics. Grey first quality of medium-sized units 80dn rotoset were up at Rs 82-83, micro rotoset at Rs 87-88, weft at Rs 77 and warp at Rs 87-88. 150dn weft and warp were traded at Rs 64 and at Rs 72-73 respectively. Single roto were placed at Rs 65 and double roto at Rs 67.
Meanwhile, RIL has hiked the price of grey 80dn by Rs 2 and that of grey 150dn by Re 1 a kg with immediate effect.
Grains unchanged
A quietlysteady condition continued on the grains market following slack demand.
Rice Perimal Punjab were traded at Rs 850-900 while superior Perimal were quoted at Rs 1200-1300. AP kattar rice were on offer at Rs 1000-1050. AP cultured kolams were mentioned at Rs 1300-1500. Gujarat-17 rice ruled at Rs 1600-1800.
Wheat milling were placed at Rs 790-795. Saurashtra Lokvan and SW were transacted at Rs 850-950 and at Rs 900-1000 respectively. MP 147 were placed at Rs 850-900 and Sarbati at Rs 900-1300.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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