The union government has reduced import duty from 25% to 15% and also withdrawn 4% special duty. Traders were awaiting official notification from the customs department and were busy clearing deadlock of delivery regarding forward trades transacted earlier before the revision of import duty.

In the edible oil market no fresh transaction took place today, said Navinchandra Shah, President of Bombay Oil Exchange. In the kerb trading, groundnut oil placed at Rs 500 per 10 kg. Imported palm ol quoted at Rs 369/370 per 10 kg. In the global market palm oil rose to $665 per tonne for the spot delivery while long deliveries were available at $657.50/650 per tonne.

Castor oil edged up by Rs 2 to Rs 340/352 per 10 kg on overseas enquiries. Castorseed ready closed firm at Rs 1530/1536 per quintal insympathy.

In the futures section castorseed September delivery moved in a narrow range and placed 50 paise up at Rs 1447 per quintal. In Ahmedabad September delivery closed higher at Rs 1517 per quintal.

Bullion ends lower

Gold and silver prices suffered a fresh setback on the bullion market here today. Standard gold fell by Rs 30 to Rs 4,245 per 10 gm. Gold .22 carat lost Rs 30 to Rs 3,925 per 10 gm. Prices of gold biscuit (116.50 gm.) lost Rs 300 to Rs 50,000 per piece. Physical demand was dull while steady arrivals of local gold released against matured gold bond coupled with weak overseas advices prompted fresh selling. Weak dollar value against rupee also subdued the market sentiment. In the global market gold reacted to $290.50 per ounce.

Silver .999 fell by Rs 30 to Rs 8,020 per kg. Silver .916 looked up by Rs 5 to Rs 7,905 per kg. Delhi advices were weak. In the global market the white metal slid to $527 per ounce.

Yarn improves

A steady-to- slightly better trend continued inpolyesters on the yarn market. Other items ruled unchanged.

Restricted buying support continued in selected items of 80dn polyester yarn which pushed up their price further by a rupee per kg. Thus, grey first quality of medium-sized units 80dn rotoset were up at Rs 88-89, weft at Rs 85 and warp at Rs 95. 80dn micro rotoset at Rs 108-110, 80/1000dn at Rs 110-112 and 80/1400dn at Rs 120-122 were steady.

150dn ruled steady. Weft and warp were placed at Rs 66-67 and at Rs 76-78 respectively. Single rotoset were placed at Rs 70-71 and double rotoset at Rs 72-73.

Milling wheat spurts

Milling wheat price spurted on the grains market causing a chain reaction in other inferiror types.

Following higher producing centre advice and active roller-flour mill demand the price of milling wheat rose further from Rs 690 to Rs 730 a quintal. In sympathy with this, Saurashtra Lokvan were up at Rs 775-800 and north Gujarat at Rs 760-800. MP 147 were placed at Rs 800-950 and Sarbati in the range of Rs900-1400.

Rice ruled steady. Permal medium and superior were traded at Rs 875-950 and at Rs 1150-1200 respectively.

Among pulses, green peas USA at Rs 1700 and Canadian at Rs 1215 were steady. Kabuli gram A-2 Mexican were placed at Rs 3200, Iranian at Rs 2800, B-2 at Rs 2500-2600 and C-2 at Rs 1600.

Sugar softens

Sugar price softened up slightly on demand losing the momentum some what.Easing by Rs 5 a quintal indigenous sugar M-30 were placed at Rs 1470-1480 and S-30 at Rs 1450-1465 ex-octroi checkpost. Ex-godown, M-30 at Rs 1495-1535 and S-30 at Rs 1475-1485 were steady on limited supply.

In tenders, M-30 were placed at Rs 1420-1425 and S-30 at Rs 1405-1410 in Kolhapur line.

Among imported sugar, Dubai continued to be traded at Rs 1430 plus tax.

Cotton steady

A steady trend prevailed on the cotton market. Activity was restricted.V-797 ruled at Rs 16,100-16,400, Morbi wagad at Rs 15,800-15,900 and kala-ginned at Rs 15,300 a candy spot. Sanker were placed in the range of Rs19,000-23,000.

Meanwhile, in the Cotton Advisory Board (CAB) meeting held here today the total availability for the current season was estimated at 187.63 lakh bales consisting of 30.38 lakh bales of carryover, 153.75 lakh bales crop and 4 lakh bales of imports.

Mill consumption was placed at 146, non-mill consumption at 9, small spinners needs at 6.50 and exports at 4 lakh bales. This made the total outgo at 165.50 lakh, thereby, leaving a closing balance at the end of current season at 22.13 lakh bales.