MUMBAI, May 29: Divergent trend was witnessed in the Mumbai bullion market as silver prices declined while gold firmed up marginally today.Silver .999 and raw declined moderately by Rs 75 and Rs 85 to Rs 7445 and Rs 7305 per kg respectively due to weak overseas advices. Less buying interest by industrial units and local operators coupled with better arrivals aided the downtrend.
However, gold standard mint and 22-carat firmed up marginally by Rs 25 and Rs 20 to Rs 4185 and Rs 3870 per ten gm on good seasonal buying support from local operators and better upcountry demands. Prices of ten tola gold biscuit increased by Rs 300 to Rs 49100 with better buying interest by investors and jewellery industry.
G'nut oil up
Groundnut oil disclosed a moderate rise on a generally firm oils and oilseeds market here today.
In the edible section, groundnut oil firmed up on renewed local demand and palmoil evoked stray buying enquiries, but groundnuts, held fully steady.
Turning to the industrial sector,castoroil and castorseeds strengthened further on persistent demand from soap manufacturers and stockists. Linseed oil flared up on fresh demand from the paint industry but linseeds were quiet.
In futures, castorseeds September contract opened sharply higher at Rs.1380 from Thursday's finish of Rs.1372.50 and jumped up further at the close to Rs.1383.50 due to heavy stockist buying on hopes of fresh export enquiries.
Groundnut oil rose to Rs.426 from its previous finish of Rs.423 and palmoil edged up to Rs.375 from Rs.374. Castoroil commercial firmed up to Rs.293 from Rs.290, castorseeds ready Madras jumped to Rs.1310 from Rs.1296 and linseed oil hardened to Rs.385 from Rs.382. Groundnut ready bold and linseed ready bold were unchanged at Rs.1980 and Rs.1400 respectively.
Gujarat cottons up
A firm trend was noticed in short and medium strains of Gujarat on the cotton market.
Reserved selling due to the fag end of the season and reduced supply of ready bales boosted quotations by Rs 200 acandy. V-797 were placed at Rs 15,000-15,400, Morbi wagad at Rs 14,700-14,800 and Kala-ginned at Rs 14,100-14,200 spot. Operations in Sanker were more economical. Hence the ginners were concentrating on this, averred trade sources. The price ruled steady in the range of Rs 17,000-21,500.
Punjab zone cottons were well-held at earlier high levels.
Grains quiet
A quietly steady condition continued on the grains market as business passing remained at a low level.
Green peas USA were on offer at Rs 1650 and Canadian at Rs 1200-1225 quintal. Tur Myanmar 1998 and 1997 were sought after at Rs 1800 and at Rs 1700 respectively. Moong and urad Myanmar found support at Rs 1750-1900 and at Rs 1150-1175 respectively. Australian gram were traded at Rs 1100. Rajma chitra deshi were quoted at Rs 2500 and imported at Rs 2400.
Red rajma imported were placed at Rs 1900-1950.
Among cereals, wheat milling were on offer at Rs 590-595. MP 147 were quoted at Rs 800-900 and Sarbati in the range of Rs800-1400.
Sugar improves
A steady-to-slightly better trend prevailed on the sugar market following improved offtake.
M-30 were placed at Rs 1445-1455 and S-30 at Rs 1420-1440 a quintal ex-octroi checkpost, up by Rs 5. Ex-godown, M-30 were at Rs 1455-1505 and S-30 at Rs 1440-1475 held steady.
Among imported sugar, Brazilian white and Pakistani sugar continued to be traded at Rs 1370 and at Rs 1425 respectively on out of the state sales basis.
Yarn steady
In restricted trading prices of most of the items hovered around the previous day's levels on the yarn market.
Polyester yarn grey first quality of medium-sized units 80dn rotoset ruled at Rs 90-92, weft at Rs 80-81, micro rotoset at Rs 100 and warp at Rs 92-93 a kg. 150dn weft and warp were on offer at Rs 67-68 and at Rs 78-80 respectively.
Delhi:
Divergent conditions were witnessed on the Delhi bullion market on Friday.Following nuclear test by Pakistan as also declaration of Emergency, New York silver futureplummeted to 495 cents from 516 cents an ounce, consequently, spot silver .999 tumbled down from Rs 7580 to Rs 7450 a kg.
Inflow of about 10,000 kgs,. of imported silver further subdued the market sentiment. Silver weekly delivery was down by Rs 50 at Rs 7560 a kg. due to lack of speculative support. Silver coins, too, slumped by Rs 100 at Rs 10,100-10,300 per 100 pieces. Import being costly because of firm dollar, as a result, gold biscuit and standard mint gold firmed up by Rs 20-25 at Rs 4220 and Rs 4225 per 10 gram respectively.
Zeera plummets
Dry mango, on the Delhi market further flared up by Rs 500-1000 at Rs 4000-11000 a quintal while on last March, it ruled at Rs 1400-7000 a quintal. However, zeera, suffered a sharp setback of Rs 100 a quintal due to slack demand. Among dry fruits, almond California shot up by Rs 100 at Rs 8900 per 40 kgs. because of firm dollar and its kernel also revealed a firm tendency.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.