MUMBAI, May 7: Gold and silver suffered a setback at the improved level on the bullion market here today. Standard gold reacted from Rs 4,765 to Rs 4,760 per 10 gm. Gold .22 carat declined from Rs 4,410 to Rs 4,405 per 10 gm. in sympathy. Prices of gold biscuit (116.50 gm.) on the other hand smoved in a narrow range and closed steady at Rs 55,700 per piece. Seasonal buying was petered out at higher level but limited inflow kept prices in a narrow trading range, it was said. In Madras gold ruled subdued at Rs 4,855/4,860 per 10 gm. In the global market gold slide to $341 per ounce.

Meanwhile silver .999 reacted from Rs 6,880 to Rs 6,850 per kg. Silver .916 dropped by same margin at Rs 6,750 per kg. Industrial and speculative buying turned dull at the improved level while fresh arrivals followed by setback in the international market prompted profit taking. In Delhi, forward delivery moved down to Rs 6,880 and ready delivery closed lower at Rs 6,900 per kg. In the global market the white metal slipped to $4.73 per ounce. Oil, oilseeds:Groundnut oil extended losses on the oil,oilseeds market here today. Castorseed and its oil suffered a fresh setback in the ready delivery while prices in the forward delivery dipped after a sharp upsurge reported on Tuesday.

Groundnut oil reacted by Rs 3 at Rs 358 per 10 kg amidst sluggish physical buying while higher summer crop supplies and increased availability of imported edible oil pushed prices downward. In Rajkot prices declined to Rs 555 per 15 kg.

Imported palm oil eased by Rs 3 at Rs 285 per 10 kg exclusive of tax. Imported sunflower oil remained subdued at Rs 264 per 10 kg.

Castor oil receded by 50 paise at Rs 248.50/260.50 per 10 kg in absence of overseas interest. Castorseed ready eased by Rs 2 at Rs 1,091/1,097 per quintal in sympathy.

In the futures section castorseed June delivery reacted from Rs 1,133 to Rs 1,122.50 per quintal on bull liquidation at higher level. Today there was no trading in the newly opened September delivery due to lack of buying interest, according to floor sources.

In Ahmedabad castorseed June delivery dropped to Rs 1,115.50 before closing at Rs 1,119.50 per quintal. Ready delivery was quoted lower at Rs 217/218 per 20 kg amidst improved inflow - 40000/45000 bags of 75 kg. each, it was learnt. Hyderabad market on the other hand moved in a narrow range and settled on a steady note.

DELHI

Grains, pulses: Barring gram, steady-to-weak conditions were noticed on the local grains and pulses market on Wednesday.

On panic selling by the stockists followed by slack demand from the exporters, non-basmati rice further climbed down by Rs 10-25 a quintal. According to a Naya Bazar trader, daily arrival of new paddy in the Raipur, Bilaspur and Raigarh areas of MP and about 5 lakh bags arrival was reported in the Andhra mandies. Similarly, rice basmati further suffered a sharp setback of Rs 100-200 a quintal because of lack of support from exporters. Wheat dara prices remained subdued at Rs 510-520 a quintal on increased offerings in the producing mandies. Arrival of wheat in Delhi was reported about 41,000 bags. White gowar went down by Rs 35 at Rs 1425 a quintal for want of speculative support. Moong, masoor and arhar was down by Rs 10-25 a quintal due to weak demand from dal millers as they were gripped in financial crisis. However, on stockists buying, gram Rajasthani recorded a gain of Rs 25 at Rs 1405 a quintal.

Sugar dips Pakistan floated tender for the import of 50,000 tonnes sugar for June-July delivery, but according to ISMA, export was not a profitable proposition. In the wake of likely release of additional free sale sugar quota, mill delivery sugar Mawana dipped by Rs 15 at Rs 1450 a quintal.

Kesar was quoted at Rs 1310, Titabi at Rs 1392, Kashipur at Rs 1360, Tax-paid Khatauli at Rs 1395 and Dhampur new was quoted at Rs 1435 a quintal. Production of sugar upto May 3, in U.P. during the current sugar season went up by 1.32 lakh tonnes to 36.83 lakh tonnes and output of khandsari was reported about 5.41 lakh tonnes.

Edible oils down

On weak upcountry advices, groundnut oil further slipped by Rs 20 at Rs 3810 a quintal and in Mumbai and Gujarat, it went down to Rs 3600 and Rs 3540 a quintal respectively. Sellers were in a mood to sell other edible oils at lower rates. There were complaints about poor quality as well as less weight in vanaspati tin of some of the mills located in Haryana and Western U.P. Castor oil receded by 50 paise at Rs 248.50-260.50 per 10 kg in absence of overseas interest. Castorseed ready eased by Rs 2 at Rs 1,091-1,097 per quintal in sympathy.

Red chillies up

On speculative buying by the Cochin operators, superior black pepper soared to a new high of Rs 14400, registering a sharp spurt of Rs 400 and dry ginger flared up by Rs 300-400 at Rs 6000-7100 a quintal and superior red chilles climbed up by Rs 400 at Rs 4500 a quintal in the expectation of export demand coupled with loss to crop because of hailstorms in Andhra. Dhania and poppyseed, on zooming upcountry demand, jumped up by Rs 200 a quintal. About 200 bags of new dry mango from Nizamabad arrived on the local market, which were quoted at Rs 100-115 a kg. Among dry fruits, kishmish Afghani and almond including pistachio revealed a mixed tendency.

Bullion weak

The local bullion traders were in a dilemma about the day-to-day fluctuations in precious metals on New York and London Markets.

New York silver future on Tuesday went upto 478 cents from 473 cents while on Wednesday, it dipped to 474 cents an ounce. However, arrival of 15,000 kgs. of imported silver was reported on Tuesday.

Therefore, spot silver .999 prices went down to Rs 6925 from Rs 7015 a kg. and silver weekly delivery, on unloading by the bulls, slumped by Rs 60 at Rs 6900 a kg. Silver coins remained subdued their previous closings.

Like silver, gold on London dipped by $ 1.5 to $ 340.50 an ounce, consequently, gold biscuit and standard, on the local market slipped by Rs 15 at Rs 4810 and Rs 4835 per 10 gram respectively. Arrival of gold was reported about 150-200 kgs on Tuesday. Demand in sovereign at Rs 3825-3850 per 8 gram was reported thin.

MUMBAI: Gold and silver suffered a setback at the improved level on the bullion market here on Wednesday. Standard gold reacted from Rs 4,765 to Rs 4,760 per 10 gm. Gold 22 carat declined from Rs 4,410 to Rs 4,405 per 10 gm in sympathy. Prices of gold biscuit (116.50 gm.) on the other hand moved in a narrow range and closed steady at Rs 55,700 per piece.

Seasonal buying was petered out at higher level but limited inflow kept prices in a narrow trading range, it was said. In Madras gold ruled subdued at Rs 4,855-4,860 per 10 gm. In the global market gold slide to $341 per ounce.

Meanwhile silver .999 reacted from Rs 6,880 to Rs 6,850 per kg. Silver .916 dropped by same margin at Rs 6,750 per kg. Industrial and speculative buying turned dull at the improved level while fresh arrivals followed by setback in the international market prompted profit taking. In the global market the white metal slipped to $4.73 per ounce.

Cotton yarn steady

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