Precious metals decline steeply on overseas advices; castor futures up
Our Bureau/Agencies
MUMBAI, January 2: Prices of gold and silver declined steeply on the bullion market here today in view of weak overseas advices.Standard gold, after a low start, declined further to close at Rs 3970, showing a fall of Rs 25 over the last close of Rs 3995. Dealers attributed the fall to the subdued trend in the global market. Gold, at London, was fixed weak at $287.70 per ounce as against $289.20 previously. Reports of fresh import of gold by banks and other authorised agencies under the Open General Licence also dampened the sentiment, they said. 22-carat gold was nominally quoted lower at Rs 3670 from Rs 3695 while 10-tola gold bar of .999 purity lost Rs 200 at Rs 46,500 as against the last close of Rs 46,700. Ready silver of .999, raw silver of .916 and tenderable silver also started distinctly weak and fell further steeply to close at Rs 8150 Rs 8050 and Rs 8155 respectively, showing a sharp fall of Rs 150 each from the last close of Rs 8300 Rs 8200 and Rs 8305. This was due to fresh
arrivals of raw silver coupled with steep fall in the itnernational market. Castor futures firm Prices of castor oil, castorseed and castorseed futures rose on the oilseeds market today on good exporters' and soap manufacturers' demand. Linseed oil attracted paint industries demand and recovered smartly. Elsewhere, palm oil prices declined on fresh arrivals while prices of groundnut oil held steady on scattered dealings. In the edible section, groundnut oil and groundnut bold held steady at Rs 369 and Rs 1930 respectively. Palm oil, however, reacted by Rs 2 to close at Rs 300 from Rs 302. In the industrial section, castor oil commercial recovered by Rs 3 to finish at Rs 275 from Rs 272 and castorseed Madras rose to end at Rs 1224 from the last close of Rs 1210. Linseed oil firmed up by Rs 5 to close at Rs 340 from Rs 335. In the futures section, castorsed March contract, after a steady start at Rs 1167, rose to Rs 1169 on good exporters offtake. Thereafter, on some pofit-selling, it
declined to close at Rs 1168, still higher than the last close of Rs 1167. Grains unchanged A steady trend prevailed on the grains market. Activity was slightly better. Wheat milling moist were placed at Rs 775 and good quality at Rs 780 a quintal for Khopoli delivery. Ganganagar wheat found sellers at Rs 875-900. Rice AP Masoori were traded at Rs 925-950, Permal average at Rs 875-925 and superior at Rs 1075-1100. Among pulses, green peas Rumba USA were placed at Rs 1600-1700, Hungarian Rondo at Rs 1400-1450 and Canadian at Rs 1275-1300. White peas Canadian were on offer at Rs 1075-1100. Tur Myanmar old and new were mentioned at Rs 1300-1325 and at Rs 1325-1350 respectively. Moong Myanmar ruled at Rs 1775-1800. Urad Myanmar old were on offer at Rs 1200 while new found sellers at Rs 1300-1350. Australian gram were traded at Rs 1825. Kabuli gram A-2 were placed at Rs 2100-2200, B-2 at Rs 1900 and C-2 at Rs 1775-1800. Sugar subdued A dull-to-subdued trend prevailed on the sugar market
following slack demand and lower ex-mill advices. Losing Rs 5 a quintal, M-30 ruled at Rs 1470-1480 and S-30 at Rs 1450-1465 ex-octroi checkpost. Ex-godown, M-30 were placed at Rs 1491-1530 and S-30 at Rs 1461-1484. Among imported sugar, Brazilian at Rs 1365-1370 and French at Rs 1410, shed Rs 5. South African were static at Rs 1405. In tenders, M-30 were indicated at Rs 1430-1435 and S-30 at Rs 1415-1425 in Kolhapur line. Punjab cotton up Punjab staple cotton price improved. Elsewhere, quiet condition was in evidence. Arrivals in Punjab zone were placed around 17,000 bales. On scattered local mill inquiries prices looked up by Rs 15 to 20 a maund. J-34 saw-ginned were placed at Rs 1820-1920 and F-414 at Rs 2035-2040 spot. Bengal Deshi were quoted in the range of Rs 1395-1425. Demand in other centres was slack and increased offerings were reported. Sanker Botad ruled at Rs 19,000-19,500, Kadi at Rs 19,800-20,300 and Mahavadar at Rs 20,000-20,800 a candy. Loose Sanker Manavadar eased to Rs
1070-1130 per 20 kgs. New V-797 were quoted at Rs 16,000-16,300 on 15th January delivery basis. The arrivals in the current season throughout the country was estimated at 46 lakh bales. Meanwhile, the East India Cotton Association is holding the usual yearly meeting of the cotton trade associations in MP on 16th to 18th next, it was learnt. Copper declines Prices of copper fell while other base metals held steady on the non ferrous metals market today. Prices of copper scrap heavy, wire bar and utensils fell to Rs 106, Rs 116 and Rs 94.50 per kg respectively from the last close of Rs 107, Rs 117 and Rs 95.25 due to fresh selling pressure as a result of a reports that Hindustan Copper had reduced the prices of copper for the month of January, dealers said. Yarn dull A quietly steady condition continued on the yarn market. Activity continued to be hamstrung by bearish trends in grey fabrics and acute liquidity crunch. Viscose filament yarns bright cones first quality Century
Rayon/Indian Rayon, 150dn ruled at Rs 223, 120dn at Rs 244, 100dn at Rs 264 and 75dn at Rs 267 a kg. 120dn dull cones found sellers at Rs 260. Pepper improves Prices of ginger declined and pepper prices firmed up on the spices market here today. Ginger (sup) bleached and unbleached fell to Rs 2800 and Rs 3100 per quintal respectively on fresh arrivals. Black pepper prices rose by Rs 100 per 50 kg to settle at Rs 10,600 on good support, traders said. Turmeric further down Turmeric declined further on the Sangli turmeric market today on reduced offtake. Prices of spot turmeric declined by Rs 50 per quintal to settle at Rs 3100 while, March contract fell to Rs 2710 per quintal. Delhi Wheat and its products prices, on the local grains and pulses market recorded gains due to declining arrivals while pulses prices remained subdued on Friday. Daily arrival of wheat from the neighbouring states plunged to about 14,000 bags from 30,000 bags, consequently, wheat dara recorded a
rise of Rs 15-20 at Rs 680-695 a quintal. Roller flour mill atta, maida and suji firmed up by Rs 10-15 at Rs 680 and Rs 745 each per bag respectively. As compared to November 22 prices, wheat dara shot upto Rs 695 from Rs 535 a quintal and roller flour mill atta, maida and suji climbed upto Rs 680, Rs 745, Rs 745 from Rs 527, Rs 560 and Rs 575 per bag respectively. Among pulses, on stockists selling, gram Rajasthani slumped by Rs 15 at Rs 1740 while on Wednesday, they ruled at Rs 1860 a quintal. On inflow of about 1000 bags of arhar from Banswara and Bhind, its prices dipped by Rs 15 a quintal. Zeera tumbles On inflow of new tamarind in Palghat mandi of Kerala and in the expectation of inflow from Jagdalpur by third week of January, unseeded tamarind slumped by Rs 300 at Rs 2500 a quintal and seeded tamarind also suffered a setback of Rs 50 a quintal. On commencement of new zeera in the mandi of Gujarat and Rajasthan, its prices on the local market tumbled down by Rs 50-200 a quintal. Ajwain,
nutmeg, cloves and cinnamon also revealed an easy tendency.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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