DELHI, MFAY 9: Both the precious metals showed a smart rally on the local bullion market on Friday.

Gold in London climbed up by $ 2 an ounce coupled with restricted supply, gold biscuit and standard mint gold, on the local market firmed up by Rs 30 at Rs 4830 and Rs 4860 per 10 gram respectively while gold sovereign remained subdued at Rs 3825-3850 per 8 gram due to weak wedding demand.

New York silver future climbed up by 8 cents to 485 cents an ounce coupled with zooming demand from local as well as upcountry operators, spot silver .999 went upto Rs 7050 from Rs 6970 per kg and silver weekly delivery registered a sharp spurt of Rs 70 at Rs 7005 per kg. Silver coins, however, held steady at Rs 10100-10200 per 100 pieces.

MUMBAI: Both the precious metals spurted sharply on the back of rally in the world market here on Friday.

Standard gold shot up from Rs 4,760 to Rs 4,800 per 10 gm. Gold 22 carat advanced to Rs 4,440 as against Rs 4,405 per 10 gm previoulsy. Prices of gold biscuit (116.50 gm.) hardened by Rs 400 at Rs 56,100 per piece.

Seasonal demand for the ongoing wedding season continued while on scattered supplies followed by reports of upsurge in the world market kept offerings at a low ebb. In Madras gold ruled firm at Rs 4,900 per 10 gm. In the international market gold firm at $345/345.50 per ounce.

Meanwhile silver .999 opened firm at Rs 6,850 and crossed Rs 7,000-mark before concluding at Rs 7,025 per kg. In the ready section silver .916 jumped up from Rs 6,750 to Rs 6,925 per kg in sympathy. Industrial buying however was sluggish on Friday but uptrend in world market triggered increased speculative buying while lack of ready stock helped the market to bounce back sharply, dealers says.

Wheat flares up

In mixed market conditions, prices on the local grains and pulses market moved in a narrow range on Friday.

Daily arrival of wheat in the local mandies went down to about 25,000 bags coupled with good demand, wheat dara climbed up by Rs 10-15 at Rs 530-540 a quintal and on Wednesday, it was priced at Rs 510-520 a quintal. Demand in wheat was reported strong from Southern buyers. Roller flour mill atta dipped by Rs 10 at Rs 495 per bag in sympathy. Despite weak demand, rice prices held steady on firm Punjab and Haryana advices.

Barley prices remained subdued on inflow of new crop goods from UP. It was reported that tender for official procurement of barley was opened at Rs 570 a quintal and demand at these rates declined considerably. Among pulses, superior urad firmed up by Rs 20 at Rs 1570 a quintal and masoor looked up by Rs 10 at Rs 1425 a quintal because unfavourable weather conditions. Gram Rajasthani dipped by Rs 15 at Rs 1385 a quintal due to weak demand from millers.

Gur firm

Following weak demand from upcountry buyers, mill delivery sugar prices went down by Rs 10-20 at Rs 1250-1430 a quintal. It was reported in the market, that old sugar of some of the mills was reported discoloured and with moisture. Demand in new khandsari at Rs 1275-1360 was reported good. Gur prices ruled firm amidst tight supply position from UP.

G'nut oil spurts

Groundnut oil on the local market climbed up by Rs 40 at Rs 3850 a quintal amidst tight supply position from Rajasthan. Mustard and cottonseed oil prices in Rajasthan showed improvement and NDDB procured mustard oil expeller tax paid at Rs 2720 a quintal. Coconut oil Pariwar brand slipped by Rs 10 at Rs 960 a tin due to poor offtake.

MUMBAI: Groundnut oil recovered recent losses on the oil, oilseeds market here on Friday. Castorseed and its oil remained weak owing to renewed selling pressure.

Groundnut oil recovered from Rs 358 to Rs 363 per 10 kg. Renewed seasonal buying coupled with negligible inflow pushed up the prices upward, it was learnt. In Rajkot on the other hand groundnut oil remained unchanged at Rs 555 per 15 kg.

Meanwhile imported palm oil here bounce back to Rs 287 from Rs 285 per 10 kg exclusive of tax on the back of prevailing firm tendency in the world market. However according to trade circles here, the present firm trend will short-live looking to the continued pressure of imported edible oil at Mumbai port.

Castor oil edged down by 50 paise at Rs 248/260 per 10 kg in absence of overseas buying. Castorseed ready dropped by Rs 3 at Rs 1088/1094 per 10 kg in sympathy.

Meanwhile in the futures section castorseed June delivery slumped from Rs 1122.50 to Rs 1104 per quintal on fresh hammering by bears in the wake of sliding prices at the producing centres due to hectic supplies, according to floor sources. Newly opened September delivery initially traded higher at Rs 1170.25 but later on dropped to Rs 1163.50 per quintal. Trading however remained restricted.

Almond shoots up

On reported news about hike in import duty, almond Girdi and Gurbandi, on the local market, shot up by Rs 400-500 at Rs 3000 and Rs 4000 per 40 kgs respectively. It was also reported in the market, that after one and a half month, there will be import of almond and its kernel from Australia. Mumbai delivery Australian almond kernel was quoted at Rs 252 a kg. It contains more oil than kernel California. Deepawali delivery almond kernel California was quoted at Rs 300 a kg as against support prices of Rs 385 a kg. In view of damage to crop in Rajasthan because of untimely rain, superior dhania jumped up by Rs 200 at Rs 4400 per quintal.

Jute goods sluggish

In dull and featureless trading, actity on the local jute goods market remained at low ebb. However, on steady Calcutta advices coupled with scattered demand from upcountry buyers, prices of A. Twill, B. Twill inculding Harapatta bardana ruled firm at their previous closings.

Similarly, hessians and twines prices including old bardana sacks ruled firm at their previous closings.

Cotton yarn subdued

In lacklustre trading, most of the yarn counts in hank, cone and hosiery yarn remained subdued at their previous closings. Demand in waste yarn was repoted good from carpet and durree weavers of UP. However, scattered spot demand was reported in hank yarn (2-4 & 2-10) and hosiery yarn (34 & 40) counts. Volume of business was reported weak.

Menthol slips

On offerings by the stockists coupled with slack demand, menthol bold and flake slipped by Rs 5-7 at Rs 825 and Rs 635 a kg respectively. Weak UP advices further subdued the market sentiment. Acetic acid prices held steady despite weak demand because of paucity of stock. Elsewhere, prices of other chemicals failed to reflect any change in a thin trading.

Copper easy

Downtrend in tin ingot was, however, arrested on Friday on emergence of renewed buying support from the industrial users. Prices of virgin metal held steady on scattered support. However, in scrap section, copper wire scrap and gun metal scrap eased by 25 paise to Re 1 at Rs 119-120 and Rs 86 a kg respectively.

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