November 22: Gold and silver prices moved in opposite direction on the bullion market during the week. Silver prices shot up by Rs 295 per kg while gold fell by Rs 80/85 per 10 gm. Standard gold slid from Rs 4,175 to Rs 4,090 per 10 gm. Gold 22 carat eased from Rs 3,860 to Rs 3,780 per 10 gm. Prices of gold biscuit (116.50 gm) nosedived by Rs 900 at Rs 47,900 per piece. Fresh buying was petered out at the improved level while hectic supplies mainly through imported gold brought in by canalising agencies and banks put pressure on prices. Upsurge in the dollar currency and firm overseas advices had little impact on the market as supplies were higher against offtake during the week. In the global market gold placed at $305.50/306 per an ounce.

Silver .999 spurted from Rs 6,995 to Rs 7,290 per kg. Silver .916 hardened from Rs 6,895 to Rs 7,190 per kg. Industrial consumers were active buyers during the week while continued global interest kept offerings at a low ebb. Sharp rise in dollar value against rupee dragging lending cost upward also prompted buoyancy in the local market. In the overseas market silver climbed to $5.40/5.41 per an ounce.

Oil, oilseeds: Groundnut oil lost ground on the oil, oilseeds market during the week. Castorseed and its oil ruled firm while trading was suspended in the forward delivery. Groundnut oil reacted from Rs 341 to Rs 335 per 10 kg amidst demand resistance while weak Saurashtra advices prompted profit taking. In Rajkot prices closed Rs 10 lower at Rs 504/505 per 15 kg on heavy winter crop arrivals it was learnt.

Imported palm oil moved in both ways and closed a rupee higher at Rs 273 per 10 kg. On upsurge in dollar currency. However, setback in the international prices checked price rise during the week. In the world market palm oil dropped to $540 per tonne for nearby delivery and $550 per tonne for long delivery, it was learnt.

Castor oil quoted Rs 2 higher at Rs 276/288 per 10 kg on overseas interest. Castorseed ready shot up by Rs 10 at Rs 1223/1229 per quintal. According to reports overseas buyers were seeking Indian castor oil at the rate of $725/730 per tonne for January and February deliveries.

In the futures section castorseed December delivery rose from Rs 1,217 to Rs 1,247 per quintal. March delivery placed at Rs 1,156 as against Rs 1,149 per quintal on Wednesday but thereafter the trading remained suspended on Thursday, Friday and Saturday as brokers were kept sideline demanding two clearings in a week against daily clearing, floor sources said. In Ahmedabad December delivery quoted at Rs 1,179.50 and March delivery at Rs 1,136 per quintal. Hyderabad was quiet during the week in a narrow-band, it was gathered.

Yarn: Although the prices of popular deniers polyester yarn have registered an improvement, the undercurrent ruled distinctly weak due to the fear of disruption in the activity. Viscose was steady while nylons were quiet.

The disruption of the transport activity due to the ongoing agitation against the service tax has caused some rise in the demand for the polyester yarn from the weavers to cover their immediate needs. This has boosted the quotations in varying degrees. Thus, grey first quality of medium-sized units 80dn rotoset rose from Rs 100-102 to Rs 104-106 while micro rotoset gained Rs 7 and were quoted at Rs 114-115 a kg.

The rise was more pronounced in 150dn due to short supply as the production was down for some time due to uneconomic prices. 150dn weft rose to Rs 87-88, warp to Rs 100-102, single rotoset to Rs 93-94 and double rotoset to Rs 98-99, all by Rs 5 to 6. Reliance Industries Ltd (RIL) has hiked the price of 150dn grey. It has also raised the price of POY by Re 1 a kg effective from 18th November, it was learnt.

Cotton: An easy trend was noticed on the cotton market due to better arrivals coupled with very limited mill demand.

Following improved arrivals rising to over 20,000 bales in Punjab zone had cooled off the bullish trend. Bengal Deshi dipped from Rs 1,230-1,275 to Rs 1,210-1,250 a maund spot. J-34 saw-ginned price lost Rs 35 to 40. Rajasthan goods were on offer at Rs 1735-1790, Bhatinda line at Rs 1800-1850 and main line at Rs 1870-1910.

Sanker price eased by Rs 200 a candy at Rs 20,000-20,800. Loose were down to Rs 1111-1121 from Rs 1133 per 20 kgs. Botad Sanker ruled at Rs 19,500 and Kadi at Rs 19,700-19,800. Meanwhile, the Maharashtra federation has announced the sale prices for its current season crop. H-4/MECH-1 price has been fixed at Rs 20,500, of LRA at Rs 19,500, of AHH/DHY at Rs 18,800, of NHH at Rs 18,600, of Y-1 at Rs 18,400 and of AK at Rs 18,100.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.