MUMBAI, Jan 28: Gold and silver extended gains on the bullion market here today. Standard gold rose by Rs 15 at Rs 4,025 per 10 gms. Gold .22 carat moved up by same margin at Rs 3,728 per 10 gm. in sympathy. Prices of gold biscuit (116.50 gm.) hardened by Rs 200 at Rs 47,100 per piece.Seasonal demand continued while eased supplies and higher global advices kept prices firm. In the international market gold opened higher at $301 before closing at $298.50/299 per an ounce.
Silver .999 moved in both ways and closed Rs 25 higher at Rs 8,435 per kg. Silver .916 lifted up by same margin at Rs 8,335 per kg. Industrial demand however was dull at higher level but following restricted inflow coupled with lack of ready stock prompted speculative support. In the global market silver price at one stage was at $6.12 but later on, settled lower at $6.04/6.05 per an ounce.
Oil,oilseeds steady
Steady to dull trend was witnessed on the oil,oilseeds market here today. Groundnut oil maintained at Rs 360 per 10 kgamidst thin buying support. Supplies too remained low due to strike called by the tanker owners to protest against harrassment by the authorities for overloading, dealers said.
In Rajkot, prices ruled steady at Rs 545 per 15 kg. Imported palm oil rose a rupee at Rs 303 per 10 kg, exclusive of tax and fresh inflow of about 3000 tonnes at Mumbai port had little impact on the market, according to dealers.
Castor oil maintained at Rs 272/284 per 10 kg so was castorseed ready at Rs 1204/1210 per quintal.
In the futures section castorseed March delivery fell from Rs 1,175.50 to Rs 1,172 before closing at Rs 1,173 per quintal, on bull unloading following news of hectic selling pressure of castor oil in the world market by Brazil, according to floor sources. June delivery placed nominally at Rs 1208 per quintal.
In Ahmedabad March delivery finished lower by a rupee at Rs 1150.50 per quintal. Arrivals of castorseed in the Gujarat region remained at 30000/35000 bags it was learnt.
Sugar mixed
A mixedtrend was noticed on the sugar market. While the indigenous materials price looked up marginally,imported stuff turned weak.
A some what better buying support for S-30 from south and for M-30 from Gujarat pushed up the prices by Rs 2 to 3 a quintal. M-30 were placed at Rs 1455-1520 and S-30 at Rs 1430-1450 ex-godown. Ex-octroi checkpost, M-30 were in demand at Rs 1435-1440 and S-30 at Rs 1412-1425.
As against this, increased offerings caused a dent of Rs 5 in the ready quotations of imported sugar. South African were placed at Rs 1380 ex-godown and French at Rs 1385 ex-container. Brazilian ready were virtually out of stock. Goods due in first week of February continued to be traded at Rs 1351.
In tenders, as the entire quota for the current fortnight having been sold there were no offerings on ready basis. Tenders for the February first fortnight were steady as M-30 were indicated at Rs 1410-1420 and S-30 at Rs 1390-1395 in Kolhapur line.
Grains weak
A dull-to-weak condition was in evidenceon the grains market in the wake of persistant sluggish activity.
Green peas Rumba USA at Rs 1550-1575 and Hungarian Rondo at Rs 1325-1350 a quintal were down by Rs 25. Canadian green peas at Rs 1215 and white peas at Rs 1051-1061 shed Rs 10. Urad Myanmar price declined from Rs 1200-1225 to Rs 1171-1175.
Tur Myanmar 1998 crop at Rs 1425, 1997 crop at Rs 1325, 1996 crop at Rs 1150-1175 and moong Myanmar at Rs 1725-1850 were unchanged. Australian gram were subdued at Rs 1650 following imminent rise in the inflow of new domestic crop and also imported goods on arrival from Australia as also kabuli gram from Turkey and Iran. Deshi gram were on offer at Rs 1575-1600.
Kabuli gram A-2 Mexican were placed at Rs 2050. B-2 Iranian were traded at Rs 1800-1850 and Turkish at Rs 1750. C-2 receded from Rs 1600-1625 to Rs 1575.
Rajma continued to be well-held at earlier high levels on account of tight supply. Deshi chitra were transacted at Rs 2300-2400 and red at Rs 2200-2300.Wheat and rice ruled quietly steady.Wheat milling were placed at Rs 675 for Khopoli delivery and at Rs 665 for Thane delivery. Wheat Ganganagar were placed at Rs 700-750, north Gujarat at Rs 665-750 and Maharashtra at Rs 675-800. MP 147 and Sarbati were quoted at Rs 725-850 and at Rs 900-1000 respectively.
Rice Permal FCI average new and old continued to be traded at Rs 850-900 and at Rs 950 respectively. Superior Permal ruled at Rs 1150-1225.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
