MUMBAI, Mar 20: The white metal suffered a fresh setback on the bullion market here today. Gold turned weak on resumption of sale by customs department.Silver .999 fell by Rs 70 at Rs 8,230 per kg. Silver .916 declined by Rs.55 at Rs 8,110 per kg. Industrial demand was dull while continued arrivals of imported silver triggered fresh selling. Inflow of raw silver from local sources however was restricted. Delhi advices were discouraging. In the global market silver bounced back to $5.93/5.94 an ounce.
Standard gold slid by Rs 10 at Rs 3,940 per 10 gm. Gold .22 carat reacted by same margin at Rs 3,640 per 10 gm. Prices of gold biscuit (116.50 gm.) slipped by Rs 100 at Rs 46,300 per piece. Seasonal demand was petered out while brisk inflow put pressure on the prices, according to dealers. Today sale of 40/45 pieces of confiscated gold biscuits by customs department also attributed to the weak sentiment of the market. In the global market the yellow metal remained unchanged at $291.60/291.65 anounce.
G'nut oil slides:
Groundnut oil lost gained ground on the oil,oilseeds market here today. Castorseed and its oil remained steady in the ready delivery and prices reacted in the forward market.
Groundnut oil slid by a rupee at Rs 384 per 10 kg on demand resistance while higher prices attracted light profit-taking. In Rajkot prices fell by Rs 5 at Rs 5870 per 15 kg. Imported palm oil edged down by a rupee at Rs 339 per 10 kg exclusive of tax as news of setback in the overseas market prompted profit-taking here. In the global market palm oil placed lower by $10 at $660 per tonne.
Castor oil was quiet at Rs 270/282 per 10 kg so was castorseed ready at Rs 1194/1200 per quintal amidst nominal trading.
In the futures section castorseed June delivery declined from Rs 1250 to Rs 1243.50 on bull unloading in the wake of weak Ahmedabad advices. Today's arrivals is placed at 40000 bags of castorseed in the Gujarat region. In Ahmedabad June delivery closed lower at Rs 1223 per quintal.
Sugarsubdued
A dull-to-subdued trend was noticed on the sugar market as the demand remained sluggish.
M-30 at Rs 1445-1495 and S-30 at Rs 1400-1431 a quintal ex-godown, were static. Ex-octroi checkpost, M-30 were unchanged at Rs 1420-1440 but S-30 shed Rs 5 at Rs 1375-1395.
Tender advice was also weak by Rs 5 as M-30 were indicated at Rs 1380-1390 and S-30 at Rs 1340-1350 in Kolhapur line.
Imported sugar price was also placed lower by Rs 5. Brazilian white ruled at Rs 1330, offwhite at Rs 1325.Grains quiet
A quietly steady condition prevailed on the grains market as activity was thin. Wheat arrivals were only around 20 truckloads. Milling wheat were placed at Rs 600-605 a quintal. Among other wheat, Suarashtra Lokvan were placed at Rs 750-850 and SW at Rs 800-1000. North Gujarat medium were on offer at Rs 635-650 and superior at Rs 750-800.
Rice Gujarat-17 were quoted at Rs 1075-1250. SLO were 925-975. Permal new medium ruled at Rs 900-925 and superior at Rs 1050-1075. Old Permal superiorwere traded in the range of Rs 1100-1200.
Among imported pulses, green peas USA were placed at Rs 1550, Hungarian Rondo at Rs 1350-1400 and Canadian at Rs 1241. White peas Canadian were on offer at Rs 1000. Kabuli gram A-2 were traded at Rs 2200-2300, B-2 Iranian at Rs 1900, Turkish at Rs 1725-1750 and C-2 at Rs 1375. Tur Myanmar 1998 crop and 1997 crop materials were transacted at Rs 1551 and at Rs 1451 respectively.
Yarn steady
A steady condition continued on the yarn market. Demand was restricted.Viscose filament yarns bright cones first quality Century Rayon, 150dn ruled at Rs 228, 120dn at Rs 247, 100dn at Rs 265, 75dn at Rs 269 and 120dn dull cones at Rs 261 a kg.
Polyester yarn grey first quality of medium-sized units 80dn rotoset and micro rotoset were traded at Rs 112-114 and at Rs 127-130 respectively. Weft were placed at Rs 110-111 and warp at Rs 128-130.
In the case of 150dn, weft and warp were on offer at Rs 85-88 and at Rs 97-99 respectively. Single and double rotoset werementioned at Rs 92-93.
Cotton better
Cotton prices ruled steady-to-slightly better with modest volume of business.Sanker were placed in the range of Rs 20,000-22,000 a candy spot ruled steady. V-797 at Rs 15,800-16,200 gained Rs 100. Morbi wagad were nominally placed at Rs 14,800-15,000.
In Punjab zone, arrivals were around 3000 bales. J-34 saw-ginned good average ruled at Rs 2005-2030, cart-selected at Rs 2100-2120, F-414 at Rs 2150-2155 and Bengal Deshi at Rs 1540-1580 a maund.
Meanwhile, mills have ben diverting to the overseas market for supplies. A leading Ahmedabad-based group is understood to have booked 45,000 bales of old Sudan cotton.
DELHI
In lack-lustre trading, steady-to-weak conditions were witnessed on the Delhi grains and pulses market on Friday.On profit-taking selling by the stockists at higher rates, gram Rajasthani climbed down to Rs 1370 from Rs 1400 a quintal and Kanta gram of MP dipped by Rs 25 at Rs 1150 a quintal.
Increased arrival of new gram and arharwas reported in Malwa area of MP and Akola area of Maharashtra.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
