Groundnut oil placed at Rs 503 per 10 kg on poor supplies, shortage of ready stock and renewed buying support ahead of hindu festival season.

Introduction of price ceiling by traders and millers in Gujarat region also attributed to the sentiment of the market. Arrivals from southern India remained restricted. According to traders some transactions were reported in the city market at the rate of Rs 508/509 per 10 kg. Palm oil closed Rs 2 higher at Rs 384 per 10 kg. exclusive of tax on fresh bull buying coupled with renewed rally in dollar value against rupee. News of 20% hike in the export duty by Indonesia on palm oil also aided the firm tendency in the local market. In the overseas market palm oil quoted at $655 per tonne for spot delivery. Long deliveries werequoted at $650/642.50 per tonne. Castor oil rose by Rs 6 to Rs 338/350 per 10 kg on steady short covering by shippers on overseas enquiries. Castorseed ready shot up by Rs 24 to Rs 1520/1526 per quintal.

In the futures section castorseed September delivery climbed from Rs 1445.50 to Rs 1448 per quintal on steady bull interest. In Ahmedabad forward market remained closed today on account of Id festival. In Rajkot castorseed September delivery went off the board at Rs 1478 per quintal as bulls and bears had decided to square off outstanding deals after emergence of payment crisis, it was learnt.

Gold recovers

Gold prices recovered from the reduced level while silver hardened further on the bullion market here today.

Standard gold was up by Rs 10 to Rs 4,285 and gold .22 carat moved up by same margin at Rs 3,965 per 10 gm. Prices of gold biscuit (116.50 gm.) closed Rs 200 higher at Rs 50,600 per piece. Physical demnd for gold however was sluggish. Poor supplies and uptrend in dollar value promptedfresh speculative interest. In the global market gold opened at $295.55 and closed at $293.25 per ounce.

Silver .999 gained by Rs 45 to Rs 8,090 per kg. Silver .916 climbed by same margin at Rs 7,975 per kg in sympathy. Industrial demand was dull but steady speculative buying on the back of shortage of redady stock followed by firm Delhi advices kept local silver firm. In Delhi silver ready delivery finished at Rs 8,085 per kg. while forward delivery quoted lower at Rs 8,085 per kg. In the global market silver opened $5.43 before reacting to $5.33 per ounce.

Cotton steady

A quietly steady trend prevailed on the cotton market.

V-797 were placed at Rs 16,300-16,600, Morbi Wagad at Rs 15,900-16,000 and kala ginned at Rs 15,400 a candy. Sanker continued to be traded in the range of Rs 19,000-23,000.

Among Punjab cotton, J-34 saw-ginned ruled at Rs 1625-1675, J-34 saw-ginned good average at Rs 2050-2150 and cart-selected at Rs 2200-2250 were steady.

Sugar gains afresh

Sugar marketcontinued to present an improved stance following restricted supply coupled with buying support.

The sugar arrivals in the local market were affected due to rains which has hit the traffic movements. This coupled with higher ex-mill advices have pushed up the price further by Rs 5 a quintal. Ex-godown, M-30 ruled at Rs 1495-1530 and S-30 at Rs 1468-1485.

Ex-octroi checkpost, M-30 were in demand at Rs 1470-1480 and S-30 at Rs 1450-1460.

Tenders were also quoted higher by Rs 5 mainly on Gujarat buying support. M-30 were placed at Rs 1425-1430 and S-30 at Rs 1405-1415 in Kolhapur line.

Among imported sugar Dubai were traded at Rs 1430 plus tax.

Delhi: The local grains and pulses market displyaed a mixed tendency on Wednesday.

In the expectation of bright crop prospects in Maharashtra, Rajmash chitra, on the local market tumbled down by Rs 150-200 at Rs 2700-3000 a quintal on stockists offerings and urad showed an easy tendency on weak Indore advices.

However, masoor, malka masoor andkabligram prices, on encouraging MP advices, firmed up by Rs 20-25 a quintal. On continued zooming demand from the South, wheat dara edged up by Rs 5-10 to touch Rs 610-615 a quintal mark.

Despite inflow of about 12-15,000 bags of rice from the neighbouring states, prices ruled firm on strong demand from Eastern Indian buyers.

Copper wire down

Following weak LME advices coupled with poor demand from industrial units, copper wire bar, rod, wire, utensils, mixed scrap and accessories edged down further by 50 paise to Rs 1.50 per kg. Nickel plate (4x4) & (9x9) declined by Rs 2 at Rs 265 and Rs 268 per kg. on poor demand from electroplating units coupled with weak overseas advices.