Prices of popular deniers of polyester yarn remained unstable even at rock bottom levels and shed Rs 2 a kg. Grey first quality of medium-sized units 80dn rotoset fell to Rs 95 and weft to Rs 88-90. Undertone in other items was also subdued despite the price remaining unchanged. 80dn warp ruled at Rs 102-103 and micro rotoset at Rs 104-105. 150dn weft were placed at Rs 76, warp at Rs 87-88, single rotoset at Rs 82.

To cope up with the adverse marketing situation RIL is understood to have decided to cut by Rs 4 a kg the price of POY from the beginning of May. Thus, the price of 126dn would be down Rs 65 and that of 235dn to Rs 54 (exclusive of excise).

Sugar spurts

A sharp rise in the price in the wake of imposition of customs duty on imported goods highlighted trading on the sugar market.

The levy of 5 per cent basiccustoms duty and Rs 850 per tonne of countervailing duty on imported sugar triggered sudden bullish trend on the sugar market. The higher landed cost of the imported goods resulted into brisk activity and the price spurted by Rs 35 ex-godown and by Rs 45 ex-octroi checkpost and in the case of imported materials.

M-30 shot up to Rs 1535-1575 and S-30 to Rs 1510-1540 ex-godown. Ex-octroi checkpost, M-30 went up to Rs 1525-1535 and S-30 to Rs 1490-1505. In tenders also values chipped in handsome gains as S-30 were indicated at Rs 1465-1475 in Kolhapur line.

Among imported sugar, Pakistani were traded at Rs 1480-1485 and French at Rs 1440. Pre-levy deals totalling 5000 tonnes of Brazilian sugar on an incoming basis have been cancelled in the wake of new impost, it was learnt.

Milling wheat down

Downward drift in milling and other average wheat marked trading on the grains market. Elsewhere, a quietly steady condition prevailed.

Milling and other average wheat price ebbed by Rs 20 to 25 a quintalon increased offerings caused by limited buying support. Milling wheat were down to Rs 575-581. Wheat Saurashtra Lokvan ruled at Rs 650-725, SW at Rs 750-950 and north Gujarat at Rs 615-675. MP 147 and Sarbati were traded at Rs 650-850 and at Rs 800-1150 respectively. Inflow was placed around 80 truckloads. Rice Permal medium were on offer at Rs 850-950 and superior at Rs 1100-1200. Gujarat-17 ruled at Rs 1050-1250.

Among pulses, green peas USA were traded at Rs 1600-1625 and Canadian at Rs 1171. White peas Canadian were on offer at Rs 925. Gram Australian were placed at Rs 1150-1175. Kabuli gram A-2 ruled at Rs 2600, B-2 at Rs 2300-2400 and C-2 at Rs 1700-1800.

Cotton further up

Cotton market continued to present a better stance in the wake of improved activity while the supply was restricted.

Continued Gujarat state marketing federation and CCI buying support pushed up the price of short and medium staple items of Gujarat by Rs 100 a candy. V-797 rose to Rs 15,200-15,600, Morbi wagad to Rs14,600 and Kala-ginned to Rs 13,600 spot. Sanker ruled steady in the range of Rs 19000-21,500.

In the case of Punjab cotton, Bengal Deshi price spurted by Rs 40 a maund at Rs 1490-1550. J-34 saw-ginned good average at Rs 1930-1990 and cart-selected at Rs 2040-2120 were steady.

Bullion declines

Both silver and gold declined sharply on the bullion market here today on increased supplies along with poor seasonal demand. Subdued overseas advices also dampened the market sentiment to a large extent.

Ready silver of .999 fineness fell steeply by Rs 95 per kg to close at Rs 8630 as against the last close of Rs 8725 on good arrival of raw silver. Raw silver of .916 fineness lost Rs 90 at Rs 8510 compared to Rs 8600 previously and tenderable silver declined to Rs 8635 from Rs 8730. In overseas market silver closed lower at $6.13/6.18 from the previous close of $6.23 an ounceStandard gold opened weak at Rs 4215 and dropped further sharply to close at Rs 4205, showing a fall of Rs 35 over the last closeof Rs 4240 on weak London advices coupled with poor seasonal demand. 22-carat gold was nominally quoted weak at Rs 3890 from Rs 3925 and ten-tola gold bar of .999 purity fell by Rs 400 to settle at Rs 49,300. In the international market the yellow metal slid to $307.50/308.

Castorseed ends higher

Castorseed futures recovered sharply on the oilseeds market here today due to emergence of brisk low-level buying by exporters. Elsewhere, prices of groundnut oil and castor oil also improved on fresh buying.

In the futures market, castorseed June contract opened smartly higher at Rs 1269 and shot up to Rs 1278.50, before closing at Rs 1276.50, disclosing a smart rally of Rs 18.50 over the last close of Rs 1258.

In the edible section, groundnut oil improved by Rs 2 to end at Rs 407 from Rs 405 on fresh buying coupled with higher Gujarat advices. Palm oil held steady at Rs 371.

In the non-edible section, castor oil commercial rose by Rs 2 to end at Rs 279 as against the last close of Rs 277 on freshsoap manufacturers' demand and castorseed Madras closed higher at Rs 1243 from Rs 1234 on good shippers offtake. Linseed oil at Rs 365 and linseed bold at Rs 1400, however, showed no change from the last close.