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Sunday, September 20, 1998

Sesame oil spurts on millers' demand 

National News Service  
Delhi, Sept 19: Sesame oil at the Delhi market recorded a sharp spurt of Rs 120 at Rs 5070 a quintal on good demand from vanaspati millers coupled with fall in production due to unfavourable weather conditions in the Western India while palmolein in Mumbai drifted lower by Rs 40 at Rs 3880 a quintal, consequently, cottonseed oil on the local market slumped by Rs 80 at Rs 4320 a quintal.

Sunflower oil of an upcountry company was priced at Rs 820 a tin. Coconut oil marked up by Rs 10 at Rs 790 a tin on firm Cochin advices.

Mumbai: Castor oil recovered sharply in a mixed oilseeds market here on Saturday. Castorseeds futures ruled subdued.

In the industrial sector, castor oil rallied on renewed support at lower levels from shippers and soap manufacturers. Castorseeds improved in the absence of arrivals. Linseed oil reacted on lack of support from the paint industry. Linseeds ruled quiet.

In the futures market, castorseeds December opened lower at Rs 1814 on overnight selling. Prices, later rose toa high of Rs 1828 on shortcovering but declined again on increased sellling pressure to close at Rs 1818.50 from the previous close of Rs 1827.50.

Among edible oils, groundnut oil ruled steady at Rs 595 in the absence of support. Groundnuts ready was not quoted. Imported palm oil declined by Rs 2 to Rs 386 on buyers' reserve.

Castor oil firmed up to Rs 474 from Rs 465. Castorseeds ready Madras improved to Rs 2179 from Rs 2136. Linseed oil declined to Rs 455 from Rs 460. Linseed ready was steady at its previous level of Rs 1700.

Urad declinesSteady-to-weak conditions prevailed at the Delhi grains and pulses market on Saturday.

Arrival from Maharashtra was reported about 500 bags on Saturday and in the expectations of increased arrival of new rajmash chitra, its prices in the local market tumbled down by Rs 150-200 at Rs 2500-2750 a quintal. Arrival of gram from Rajasathan mandies was reported about 65-70 lorries and due to slack demand from dal millers, its prices slipped by Rs 10-20 a quintal.On inflow of new urad from Maharashtra, new urad slided down to Rs 1361 from Rs 1455 a quintal and dal urad dhoya slumped by Rs 50-150 a quintal.

Among cereals, wheat dara held steady at its previous close on strong demand from South India buyers. Daily arrival of non-basmati rice was more than 15,000 bags but about 75 per cent rice was purchased by the exporters.

Sugar edges up:Free-sale sugar quota for the month of October was not hiked by the government consequently, in view of zooming festive demand, mill delivery sugar Mawana edged up by Rs 10 at Rs 1460 a quintal. Mill delivery sugar Simbhauli was traded at Rs 1380, Chandpur at Rs 1309, Gajroula at Rs 1328 and Anupshahar at Rs 1317 a quintal.

It was reported that the government has been considering to release 8.50 lakh tonnes free-sale sugar quota for October and 7.50 lakh each for November and December. Pak sugar Alipur delivery firmed up by Rs 10 at Rs 1485 and in the marekt it was quoted at Rs 1500 a quintal.

Copra flares up:Mace looked up by Rs 5 a kg. amidst tight supply position and new cardamom small Robin ruled firm at Rs 395 a kg.

Among dry fruits, red dry dates of Pakistan and Copra Tiptur flared up by Rs 50-100 a quintal on strong demand from local as well as upcountry buyers. Pistachio Peshwari, on support from confectioners looked up by Rs 15 a kg.

Bullion rises: Both the precious metals, on the local bullion market, showed signs of improvement on Saturday.

New York silver future improved to 498 cents from 496 cents an ounce, consequently, spot silver.999 fineness improved by Rs 20 at Rs 7460 a kg. but there were no transactions till noon on Saturday as imported inflow of silver was down to 2000 kgs. from 8000 kgs. Silver weekly delivery looked up by Rs 5 at Rs 7470 a kg. on scattered speculative support.

Silver coins remained unchanged at Rs 10,800-11,000 per 100 pieces.Gold, on the overseas market showed improvement at $ 291.50 an ounce, consequently, gold biscuit and standard mint gold edged upby Rs 10-15 at Rs 4280 and Rs 4290 per 10 gram, respectively.

Gold sovereign, however, held steady at Rs 3500-3525 per 8 gram.

Mumbai: Gold firmed up and silver ruled mixed on the bullion market on Saturday.

Silver ready and tenderable declined in the absence of industrial demand.

Raw silver, on the other hand, closed higher due to lack of arrivals.

Silver ready .999 fineness and tenderable silver closed with a loss of Rs 10 each at Rs 7525 and Rs 7530 from the last close of Rs 7535 and Rs 7540, respectively. Raw silver .916 fineness gained by Rs 20 to Rs 7415 from the previous close of Rs 7395.

The moderate rise in gold was mainly due to fresh local demand for the ensuing festivals. Better international advices also aided the uptrend.

Standard gold firmed up by Rs 10 to Rs 4255 and 22-carat gold was nominally quoted higher by same margin at Rs 3935 as against the last close of Rs 4245 and Rs 3925, respectively. Ten-tola gold bar .999 purity improved by Rs 100 to Rs 50,100 from theprevious close of Rs 50,000. B.Twill firm

Higher Calcutta advices provided for bright trading conditions in local jute goods market as most of the jute goods were quoted higher. Harapatta, B.

Twill (2 & 2-1/4 lbs) firmed up further by Rs 25 per 100 bags and in hessians also, the market edged up by Rs 5 per 91.4 metres.

Tin ingot down: Stockists profit-taking pulled down tin ingot by Rs 2 at Rs 383 per kg. In copper, wire bar, rod, wire, utensils, mixed scrap and wire scrap lacked in buying interest and marked lower by 50 paise to Re. one a kg.Trading in other non-ferrous metals market remained sluggish.

Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.


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