Mumbai, July 10: The downtrend was arrested and both the precious metals shot up sharply on the bullion market here today on fresh purchases at lower levels coupled with restricted supplies from the international markets.

Dealers said gold prices flared up on fresh demand from fabricators at lower levels influenced by the recovery in the international markets coupled with shortage of ready stocks due to poor arrivals.

In the global market, the yellow metal recovered to $321 per ounce. Ready silver shot up by Rs 115 to Rs 6265 on speculative buying by industrial units at lower levels. The firm trend was helped by inadequate stocks as importers are not offering their metals at lower level. Besides premium licence of import of precious metal in India has risen from 10.75% to 11.10%/11.15% today which also attributed the sharp rise.

Standard gold flared up by Rs 50 to Rs 4390 from Rs 4340 at the previous close. 22-carat gold improved by Rs 45 to close at Rs 4060 from Rs 4015 yesterday. Ten-tola gold bar .999 purity firmed up by Rs 500 to Rs 51,300 from the previous close of Rs 50,800.

Silver ready .999 fineness shot up by Rs 115 to Rs 6265 from Rs 6150, raw silver .916 fineness gained by a similar margin to Rs 6165 from Rs 6050 and tenderable silver rose to Rs 6270 from the previous close of Rs 6155. Silver in the overseas market placed firm at $4.36 per ounce.

Castorseed, oil improve

Castor oil ruled firm while other oils ruled steady in dull and lacklustre trading at the oilseeds market here today. In the industrial sector, castor oil commercial edged up by a rupee to Rs 253 from Rs 252 on renewed enquiries from the soap manufacturers. Castorseeds ready Madras improved by Rs.4.00 to Rs 1118 from Rs 1114 due to inadequate stocks. Linseed oil at Rs 275 and linseeds ready at Rs 1300 were steady at the previous level.

Among edible oils, groundnut oil at Rs 360 and groundnuts ready at Rs 1870 remained unaltered from the previous close on stray support.

In the futures market, castorseeds September opened lower at Rs 1138 on overnight selling. Prices later shot up sharply to a high of Rs 1141.50 on shortcovering by exporters to meet export orders and ultimately closed at Rs 1140.50 as compared to its previous closing of Rs 1139.50.

Sugar moderate

Sugar market ruled steady. Activity was moderate.

The market had opened lower by Rs 5 a quintal on slack demand but recouped the lost ground and finished steady on emergence of low level support. M-30 ruled at Rs 1450-1490 and S-30 at Rs 1425-1435 ex-octroi checkpost.

Ex-godown, the price ruled at Rs 1485-1528 and at Rs 1455-1480 respectively. Arrivals were around 75 lorryloads. In tenders, S-30 were placed at Rs 1390-1395 in Kolhapur line.

Grains unchanged

A steady condition continued on the grains market. Demand was modest.Green peas Rumba USA were placed at Rs 1800-1850 and Canadian at Rs 1400 a quintal. Tur Myanmar old and new were transacted at Rs 975-1000 and at Rs 1050 respectively. African tur were mentioned at Rs 1100-1200. Gram Australian were in demand at Rs 1300. Kabuli gram A-2 Turkish were placed at Rs 1900, B-2 Turkish at Rs 1525-1550. Among cereals, rice Permal FCI were on offer at 850-861. Permal superior were placed at Rs 1050-1100. AP Masoori were traded at Rs 875-925 and Hansa at Rs 840-900.

Cotton dull

A quietly steady condition continued on the cotton market as mill demand remained thin. V-797 were placed at Rs 14,000-14,400, Morbi Wagad at Rs 12,800 and Kalagin at Rs 12,200-12,400 a candy.

Punjab J-34 saw-ginned were quoted at Rs 1810-1950, F-414 at Rs 2055-2075 and Bengal Deshi at Rs 990-1025 a maund.

Yarn steady

Prices ruled steady with continued good buying support on the yarn market.Viscose filament yarns bright cones first quality Century Rayon/Indian Rayon 150dn ruled at Rs 207, 120dn at Rs 229, 100dn at Rs 251 and 75dn at Rs 257 a kg.

Nylon yarn JK 15/1/0dn and 20/1/0dn were quoted at Rs 220 and at Rs 211 respectively.

Polyester yarn grey first quality of medium-sized units 80dn rotoset were in demand at Rs 125-127, 80dn micro roto at Rs 143-144 and weft at Rs 107-108.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.