Groundnut oil closed Rs 3 lower at Rs 497 per 10 kg amidst demand resistance while higher prices attracted profit-taking. Improved supplies of imported palm oil put pressure on groundnut oil, it was said.

Imported palm oil reacted by Rs 4 to Rs 360 per 10 kg exclusive of tax amidst sluggish demand while steady supplies at Mumbai port and reaction in the world prices after recent rally triggered selling by local importers. In the global market palm oil dropped to $657.50 per tonne for spot delivery while forward delivery was available at $652.50/640 per tonne.

Castor oil rose by Rs 5 to Rs 365/377 per 10 kg on fresh support from shippers ahead of shipment. Castorseed ready shot up by Rs 24 at Rs 1,650/1,656 per quintal. In the futures section castorseed September delivery lifted from Rs 1484.50to Rs 1500 before closing the day at Rs 1496 per quintal on continued bull support.

Forward section of the Ahmedabad markets remained closed today while spot delivery of castorseed were quoted lower at Rs 320 per 20 kg on brisk offerings. Castor oil subdued to Rs 350 per 10 kg.

Bullion suffers

Gold and silver lost gained ground on the bullion market here today. Standard gold reacted by Rs 15 to Rs 4,280 per 10 gm. Gold .22 carat eased by same margin at Rs 3,960 per 10 gm. in sympathy. Prices of gold biscuit (116.50 gm.) slipped by Rs 50 to Rs 50,450 per piece. Demand was dull at the improved level while weak overseas advices triggered profit-taking. In the overseas market gold slid from $295 to $293.50 per ounce.

Silver .999 dropped by Rs 25 to Rs 7,975 per kg. Silver .916 fell by Rs 15 to Rs 7,850 per kg.Industrial demand was dull at higher level. Continued inflow of imported silver and weak overseas advices put pressure on the local silver. Delhi advices were discouraging. In the globalmarket the white metal slid to $5.30 per ounce.

Sugar reacts

Sugar price reacted on reduced pace of activity.

The price surrendered yesterday's gains of Rs 10 a quintal, registered only in the wake of rumour that the government would be buying 10 lakh tonns for the PDS system from the industry, as the buyers turned wary to follow the high levels. M-30 were down to Rs 1480-1535 and S-30 to Rs 1465-1495 ex-godown. Ex-octroi checkpost, M-30 were down to Rs 1468-1475 and S-30 to Rs 1445-1455.

Pulses sudued

A dull-to-subdued trend prevailed on the grains market on slack demand.Following buyers' resistance at higher levels, persistent bullishness in several items of pulses were halted. Thus, white peas Canadian softened up to Rs 1181-1200. Tur Myanmar were down by Rs 25. 1998 were on offer at Rs 2050-2075 and 1997 at Rs 1950-1975. Urad price also declined from Rs 1325 to Rs 1300. Australian gram found sellers at Rs 1425-1450, also down by Rs 25.

Moong Myanmar at Rs 1925-2025, kabuli gramA-2 Mexican at Rs 3200, Iranian at Rs 2900, B-2 andat Rs 2550-2700 ruled static.

Rajma red imported eased by Rs 25 at Rs 2000. However, chitra deshi at Rs 2800 and imported at Rs 2600 were steady.

Wheat and rice were maintained. Wheat milling were well-held at Rs 711-715 in line with the trend in Gujarat. Wheat north Gujarat were placed at Rs 760-825, Saurashtra Lokvan at Rs 775-825 and SW at Rs 900-1100.

Rice Gujarat-17 were placed at Rs 1400-1600, Permal FCI at Rs 825-850 and superior at Rs 1150-1200.

Cotton steady

A quietly steady trend prevailed on the cotton market on thin mill demand.

V-797 were placed at Rs 16,200-16,500, Morbi Wagad at Rs 15,800-15,900 and Kala-ginned at Rs 15,300 a candy spot. Sanker continued to be placed in the range of Rs 19,000-23,000.

Among Punjab cotton, Bengal Deshi were placed at Rs 1620-1670, J-34 saw-ginned good average at Rs 2040-2150 and cart-selected at Rs 2200-2250 a maund.

Yarn quiet

A quietly steady trend continued in viscose and nylonson the yarn market.

Nylon yarn Shreelon 15/1/0dn were placed at Rs 265 while Modipon 20/1/0dn were on offer at Rs 227 a kg.

Viscose filament yarn bright cones first quality Century Rayon ruled at Rs 224, 120dn at Rs 245, 100dn at Rs 258 and 75dn at Rs 270 a kg.