Precious metals decline; g'nut oil recovers
Our Commodity Bureau
MUMBAI, January 20: A bearish trend was witnessed on the bullion market here today as both the precious metals extended losses.Standard gold fell by Rs 55 at Rs 3,960 per 10 gm. Gold .22 carat slipped by same margin at Rs 3,660 per 10 gm. in sympathy. Prices of gold biscuit (116.50 gm.) dropped by Rs 600 at Rs 46,300 per piece. Seasonal buying remained sluggish while continued arrivals of imported gold put pressure on the prices. Southern advices remained discouraging. In the global market the yellow metal recovered to $288/288.50 per an ounce. Silver .999 softened by Rs 85 at Rs 8,175 per kg. In the ready section silver .916 lost same margin at Rs 8,075 per kg. Demand from the industrial consumers was dull while hectic supplies prompted unloading by stockists. Oil, oilseeds mixed Groundnut oil recovered modestly on the oil, oilseeds market here today. Castorseed and its oil suffered a fresh setback. Groundnut oil rose by a rupee to Rs 365 per 10 kg. on stray seasonal demand while winter
crop supplies remained slow due to severe cold weather in the Gujarat region. In Rajkot prices placed higher at Rs 550/555 per 15 kg. Imported palm oil ruled quiet at Rs 305 per 10 kg amidst thin trading. But undercurrent was subdued on news of fresh inflow of about 8000 tonnes of imported palm oil at Mumbai port. Castor oil closed a rupee lower at Rs 278/284 per 10 kg as overseas demand petered out at higher level. Castorseed ready reacted by Rs 4 at Rs 1204/1210 per quintal nominally in sympathy. In the future section castorseed March delivery placed lower from Rs 1176.50 to Rs 1172 before concluding at Rs 1174.50 on light bull liquidation. Ahmedabad advices remained weak today and traders were reported fresh supplies of about 35000 bags of castorseed in the Gujarat region. In Ahmedabad March delivery closed a rupee lower at Rs 1150.50 per quintal. Cotton up Punjab cotton price netted fresh sharp gains while other items were wel-held at the earlier improved levels on the cotton
market. Arrivals in the Punjab zone were around 13,000 bales. Extremely reserved selling pushed up the prices by another Rs 50 a maund. Saw-ginned were placed at Rs 2105-2150 and cart-selection at Rs 2165-2200 spot. Bengal Deshi were placed at Rs 1575-1600. F-414 were mentioned at Rs 2250-2275. Sanker were maintained in the range of Rs 22,000-22,800 with exceptional lots even fetching Rs 23,000 a candy. V-797 ruled at Rs 17,100-17,200. MP cotton were steady. Meanwhile, the Maharashtra federation is understood to have planned to sell around 20,000 bales of old cotton through an auction in a couple of days. Grains down Downward drift continued in wheat on the grains market. Elsewhere, a quietly steady condition continued as the volume of business remained at a low ebb. Milling wheat and other medium quality stuff turned further cheaper by Rs 20 to 25 a quintal on sustained offerings in the wake of change in the sentiment due to proximity of the marketing of the new crop. Milling were down to
Rs 675-681. Wheat Ganganagar ruled at Rs 725-750, North Gujarat at Rs 685-750 and Maharashtra at Rs 700-750. MP 147 at Rs 750-800 and Sarbati at Rs 800-1100 slumped by Rs 75 to 100. Rice ruled unchanged. Permal FCI average were placed at Rs 850-900 and old at Rs 950. Superior were traded at Rs 115-1225. Gujarat-17 rice were mentioned at Rs 1200-1400. AP masoori and cultured kolam rice were on ofer at Rs 900-925 and at Rs 1000-1100. Among pulses, tur Myanmar 1998 crop were placed at Rs 1425, 1997 crop at RS 1350 and 1996 goods at Rs 1150-1175. Urad and moong Myanmar were traded at Rs 1225 and at Rs 1725-1750 respectively. Green peas Rumba USA were on offer at Rs 1600, Hungarian Rondo at Rs 1350-1400, Canadian at Rs 1251 and white peas Canadian at Rs 1061-1071. Rajma desh Citra and red were placed at Rs 2200-2300 and at Rs 2000-2200. Sugar weak A weak condition was in evidence on the sugar market as the demand continued to be sluggish. Price eased by Rs 5 to 10 a quintal. M-30 were placed at Rs1461-1520 and S-30 at Rs 1438-1475 ex-godown. Ex-octroi checkpost, the price dipped to Rs 1450-1460and at Rs 1425-1440. Imported sugar also shed Rs 5 as Brazilian ruled at Rs 1375 and French at Rs 1400. South African were static at Rs 1400. In tenders, also price eased by Rs 5 as M-30 were indicated at Rs 1410-1415 and S-30 at Rs 1390-1400 in Kolhapur line. Yarn quiet A quietly steady trend prevailed in viscose filamenet on the yarn market following slack offtake. Bright cones first quality Century Rayon 150dn ruled at Rs 223, 120dn at Rs 244, 100dn at Rs 264 and 75dn at Rs 267 a kg. 120dn dull cones were on offer at Rs 260. Nylon yarn JK 15/1/0dn were placed at Rs 245, 30/1/0dn at Rs 360 and 20/1/0 dn sparkling at Rs 260. Gujnil 20/1/0dn semi dull were placed at Rs 225. DELHI On emergence of strong wedding demand in Delhi as well as upcountry centres in vanaspati, demand in edible oils from vanaspati millers was reported strong, consequently, mustard, sesame and soyabean oils
recorded a sharp spurt of Rs 50-80 a quintal and cottonseed oil showed a mild gain of Rs 10 a quintal. Import of edible oils was hit hard because of firm dollar. It was reported that in view of rising edible oils prices, vanaspati below Rs 570 a tin was not a profitable proposition. On strong demand from Haryana and Punjab, cottonseed cakes flared up by Rs 50 at Rs 725-750 a quintal. Rajmash chitra flares up Barring wheat, the Delhi grains and pulses market displayed a firm tendency on Tuesday. Following damage to rajmash chitra crop in Andhra coupled with strong support from the stockists, rajmash chitra recorded a sharp rise.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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