Silver firms up, gold steady
M
MUMBAI, January 22: Silver prices spurted sharply while gold ruled quiet on the bullion market here today. Silver .999 hardened by Rs 95 at Rs 8,300 per kg. Silver .916 rose by same margin at Rs 8,200 per kg in sympathy. Industrial and seasonal demand however remained dull at higher level. However, restricted supplies and lack of ready stock coupled with firm Delhi and overseas advices triggered speculative interest. In the global market silver climbed to $5.90/5.91 per an ounce. Standard gold moved in a narrow range and finished steady at Rs 3,975 per 10 gm.s Gold .22 carat maintained at Rs 3,675 per 10 gm. in same fashion. Prices gold biscuit (116.50 gm.) remained unchanged at Rs 46,500 per piece. Seasonal buying was sluggish but thin supplies and higher overseas advices kept offerings at a low ebb. In the global market gold placed higher at $294 per an sounce. Meanwhile trading in the local bullion market remained dull during the day due to raids carried out by the sales tax department on the
leading bullion dealers since afternoon, according to market sources. Oil,oilseeds slip Groundnut oil suffered a modest setback at the improved level on the oil,oilseeds market here today. Castorseed and its oil ruled steady in the ready delivery while prices lost gained ground in the forward market. Groundnut oil edged down by a rupee to Rs 365 per 10 kg on demand resistance while higher prices attracted profit taking. Arrivals of winter crop however remained scattered due to severe cold weather in the producing centres. In Rajkot groundnut oil prices subdued at Rs 545/550 per 15 kg. Imported palm oil looked up by a rupee to Rs 306 per 10 kg despite fresh arrivals at Mumbai port. Palm oil prices in the world market has placed higher at $590/592.50 per an ounce. Castor oil remained unchanged at Rs 274/286 per 10 kg so was castorseed ready at Rs 1213/1219 per quintal on nominal trading. In the futures section castorseed March delivery opened higher at Rs 1180 as against Rs 1176 on bull
interest following eased supplies. But later on higher prices attracted profit taking and market closed lower at Rs 1174 per quintal. Weak Ahmedabad advices also prompted light bull liquidation at the improved level, floor sources said. Arrivals in the Gujarat region improves to 27000/28000 bags today. Sugar slumps Indigenous sugar price crashed following persistant sluggish demand which had aggrevated the liquidity crunch. The heavy offerings by the sugar factories yesterday evening caused by a protracted spell of poor offtake caused a sharp dent of Rs 20 a quintal in tender quotations. S-30 had slumped to Rs 1370-1380 in Kolhapur line. This had triggered panicky unloading on the local market as the market opened today and the values crashed by Rs 20 to 25. However, there was a marginal rally of Rs 5 later on. Thus, M-30 were placed at Rs 1430-1440 and S-30 at Rs 1405-1420 ex-octroi checkpost. Ex-godown, the former were quoted at Rs 1435-1500 and the latter at Rs 1411-1445. Imported sugar werequietly steady. Brazilian were mentioned at Rs 1375 and South African at Rs 1385-1390. In tenders also price recovered by Rs 5 as M-30 ruled at Rs 1395-1400 and S-30 at Rs 1375-1385 in Kolhapur line. Cotton dips An easy trend continued on the cotton market following sustained selling pressure by the erstwhile holders while the mill demand continued to be very restricted. Gujarat cotton prices dipped by Rs 200 to 300 a candy afresh. Sanker Botad were placed at Rs 21,200-21,300, Kadi at Rs 21,500-21,800 and Manavadar at Rs 22,000-22,300 spot. Manavadar Sanker loose ruled at Rs 1190-1205 per 20 kgs. V-797 ready fell to Rs 16,500-16,600 and February/march delivery to Rs 16,000. In Punjab zone prices declined by Rs 15 a a maund late in the afternoon. J-34 saw-ginned good average ruled at Rs 2045-2075, cart-selection at Rs 2110-2135, F-414 at Rs 2205-2210 and Bengal Deshi at Rs 1510-1550 spot. Grains decline A subdued undercurrent prevailed on the grains market as the demand was
thin. Milling wheat continued to be placed at Rs 665-670 a quintal Khopoli delivery. Wheat Ganaganagar were traded at Rs 725-750, North Gujarat at Rs 665-750, Maharashtra at Rs 700-775, MP 147 at Rs 725-850 and Sarbati at Rs 800-1000. A limited quantity of new Lokvan wheat had arrived from Saurashtra and were mentioned at Rs 750. Selling pressure continued as the new season was closing in. Rice SLO and AP kattar were in tight supply. AP Masoori were placed at Rs 900-925 and cultured kolam at Rs 1000-1100. The issuance of despatch permits were expected shortly. Permal FCI average were placed at Rs 850-900, old at Rs 950 and superior at Rs 1150-1225. Gujarat-17 rice were on offer at Rs 1200-1400. Among pulses, green peas Rumba USA at Rs 1600, Hungarian Rondo at Rs 1350-1400, Canadian at Rs 1251 as also white peas Canadian at Rs 1061-1071 were static. Tur Myanmar 1998 crop were traded at Rs 1425, 1997 crop at Rs 1325-1335 and 1996 crop at Rs 1100-1150. Urad and moong Myanmar were placed at Rs 1200 and at
Rs 1725 respectively. Yarn steady A quietly steady condition prevailed on the yarn market. Activity was very sluggish. Polyester yarn grey first quality of medium-sized units 80dn rotoset at Rs 80-84, micro rotoset at Rs 85-86, weft at Rs 76, 150dn weft at Rs 63-64, warp at Rs 73-74, single rotoset at Rs 69-70 and double rotoset at Rs 71-72 a kg were static. DELHI Saffron crashes On hectic buying by the bulls, black pepper on the local market, further flared up by Rs 500 at Rs 16,000-25,000 a quintal. It was reported that Cochin bulls were trying to push up the black pepper prices even during new crop season while production this year is expected to go up by 10,000 tonnes to 65,000 tonnes.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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