Precious metals decline; groundnut oil weak
Our Commodity Bureau
Mumbai, Jan 23: Bearish trend was noticed on the bullion market here today. Downward trend continued in gold as prices scaled new low level of the current year on the bullion market here today. Silver, on the other hand, opened lower but recovered towards close.Standard gold fell by Rs 30 at Rs 3,945 per 10 gm. Gold .22 carat slipped by :Rs 25 at Rs 3,650 per 10 gm. in sympathy. Prices of gold biscuit (116.50 gm.) closed Rs 300 lower at Rs 46,200 per piece. Seasonal buying was lower than expected, while continued supplies followed by weak overseas advices prompted fresh selling. Renewed enquiries by sales tax officials in the bullion market also subdued the market sentiments. In the global market, gold fell from $294 to $290 before concluding at $291.50 per an ounce. Silver .999 opened Rs 30 lower at Rs 8,270 per kg on weak overseas advices but later on prices recoverd amidst shortage of ready stock and closed at Rs 8,290 per kg. with an overnight loss of Rs 10 per kg. Silver .916 moved in both
ways and settled Rs 20 lower at Rs 8,180 per kg. Industrial demand however was dull but thin supplies trimmed early losses towards close. In the international market, silver fell from $5.91 to $5.71 before concluding at $5.82 per an ounce. Oil,oilseeds down Groundnut oil extended losses on the oil,oilseeds market here today. Castorseed and its oil ruled weak in the ready delivery and prices looked up modestly in the forward delivery. Groundnut oil edged down by Rs 2 at Rs 363 per 10 kg amidst sluggish seasonal demand, while continued winter crop supplies. In Rajkot, prices placed lower at Rs 545/546 per 15 kg.Imported palm oil slide by a rupee at Rs 305 per 10 kg exclusive of tax following reports of fresh arrivals at Mumbai port, coupled with demand resistance. Castor oil closed a rupee lower at Rs 273/285 per 10 kg. Castorseed ready fell by Rs 5 at Rs 1208/1214 per quintal.In the futures section, castorseed March delivery moved in a narrow range and closed 50 paise higher at Rs 1174.50 on
stray bull support. Meanwhile, Forward Market Commission has granted permission to start trading in castorseed June delivery and the new contract will open on Saturday (today) at 2.05 p.m. it was learnt. Sugar steady A quietly steady trend prevailed on the sugar market following slack demand.M-30 were placed at Rs 1445-1515 and S-30 at Rs 1425-1465 a quintal ex-godown. Ex-octroi checkpost, the former were on offer at Rs 1435-1445 and the latter at Rs 1405-1420. Among imported sugar, Brazilian and South African continued to be on offer at Rs 1375 and at Rs 1385 respectively. In tenders, M-30 were indicated at Rs 1395-1400 and S-30 at Rs 1375-1380 in Kolhapur line. Grains dull A dull-to-subdued condition prevailed on the grains market as the demand remained at a very low ebb. Wheat milling were static at Rs 665-670 a quintal for Khopoli delivery. Wheat Ganganagar and Maharashtra shed Rs 25 at Rs 700-750 and at Rs 675-800 respectively. North Gujarat wheat at Rs 665-750 were
unchanged. There was no new crop arrivals from Saurashtra. Rice ruled unchaged. AP Masoori and cultured kolams were placed at Rs 900-925 and at Rs 1000-1100 respectively. Permal FCI average new ruled at Rs 850-900 and old at Rs 950. Superior Permal were sought after at Rs 1150-1225. Among pulses, Tur Myanmar 1998 crop ruled unchanged at Rs 1425 but 1997 at Rs 1300-1325 and 1996 at Rs 1150 shed Rs 25. Australian gram at Rs 1650-1675 and kabuli gram C-2 at Rs 1600-1625 were down by Rs 25. Kabuli gram A-2 at Rs 2000 and B-2 at Rs 1825-1850 were static. Urad and Moong Myanmar continued to be on offer at Rs 1200-1225 and at Rs 1725 respectively. Green peas Rumba USA continued were traded at Rs 1600, Hungarian Rondo at Rs 1350-1400 and Canadian at Rs 1251. White peas Canadian ruled at Rs 1061-1071. Cotton bearish Bearish trend forged further ahead on the cotton market following relentless pressure of offerings, while the mills kept on the side lines. Sanker were particularly under pressure as the
values lost Rs 500 a candy at Rs 20,800-21,800 spot. V-797 were down by Rs 300 to 400. Ready were quoted at Rs 16,100-16,200 and February/March delivery at Rs 15,700-15,800. MP cottons also surrendered Rs 400 to 500 in sympathy. In Punjab zone, J-34 saw-ginned good average were down by Rs 20 at Rs 2020-2050. Other items were also placed lower by Rs 10. Meanwhile, the Maharashtra federation has offered through an auction around 25,000 bales of old cotton, it was learnt. Yarn quiet A quiet tendency prevailed on the yarn market. Activity was dull. Viscose filament yarns 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 quoted at Rs 260. DELHI Both the precious metals on the Delhi bullion market suffered losses on Friday o weak overseas advices. However, market remained closed till noon on account of Republic Day parade. There was no inflow of imported gold and silver in the market on
Friday, but on weak overseas advices and on unloading by the bulls, silver weekly delivery crashed to Rs 8050 from Rs 8230 a kg. Similarly, spot silver .999 slided down by Rs 250 at Rs 8100 a kg. New York silver future dipped to 584 cents from 591 cents. US dollar dipped to Rs 38.50, consequently, import of silver is expected to pick-up. No change was recorded in silver coins at Rs 10600-10700 per 100 pieces. Gold, on the overseas markets eased by $4 to $290 an ounce, consequently, standard mint gold climbed down by Rs 40 at Rs 4040 and gold biscuit slipped to Rs 4025 from Rs 4060 per 10 gram. Gold sovereign declined by Rs 25 at Rs 3500-3550 per 8 gram. Grains, pulses lower Business activities, on the Delhi grains and pulses market as well as the surrounding markets came to a standstill because of Republic Day Rehearsal on Friday. However, on inflow of new gram in Gujarat mandies and new gram from MP are expected shortly, therefore, on stockists selling, gram Rajasthani at Lawrence Road,
declined to Rs 1725 from Rs 1770 a quintal. Similarly, Rajmash chitra tumbled down by Rs 50-100 a quintal because of upcountry buyers resistance at higher level. Among cereals, wheat dara ruled easy at Rs 605-615 a quintal as demand from the South mandies was reported negligible. Sub-standard wheat dara in Indore and Neemuch mandies of MP was traded at Rs 570-575 a quintal. Daily arrival of wheat was reported about 21,000 bags Sugar slips Spot sugar prices slipped by Rs 5-10 at Rs 1420-1490 a quintal because of slack demand and khandsari dust dipped by Rs 15 a quintal. Desi khand was quoted at Rs 1175-1225 a quintal. Mill delivery sugar prices ruled easy at Rs 1290-1368 a quintal.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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