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Tuesday, September 29, 1998

Rajmash rises on poor arrivals; cottonseed oil dips 

National News Service  
Delhi, Sept 28: In mixed market conditions, rajmash chitra recorded a hefty rise of Rs 50-100 at the Delhi grains and pulses market on Monday.

Rajmash chitra flared up by Rs 50-100 at Rs 1900-2350 a quintal as arrivals from Maharashtra remained restricted and arhar and masoor firmed up by Rs 15-25 a quintal due to hoarding tendency while gram and its dal remained subdued.

Among cereals, wheat dara slipped by Rs 5 a quintal as daily arrivals from neighbouring states climbed upto about 12,000 bags and flour mill atta, maida and suji slipped by Rs 5-10 per bag as demand from western and southern India remained weak because of hike in trucks freight.

Common basmati rice, on firm Punjab and Haryana advices, shot up by Rs 50 at Rs 3700-4350 a quintal as demand from exporters was reported good.

Groundnut oil flares up

Sale of mustard oil in packed form in Delhi has not yet commenced as the Delhi government failed to announce clear cut policy for edible oils.

Arrival of refined oils was reportednegligible. The traders expressed their resentment as the government of Delhi ordered that retailers, wholesalers and producers atta, pulses, gur-sugar etc. should also get themselves registered with the Prevention of Adulteration Department.

Cottonseed and sunflower oils dipped by Rs 30 a quintal as demand from millers remained thin while vanaspati and groundnut oil refined firmed up by Rs 5-10 a tin.

Among industrial oils, on selling pressure from Kanpur, linseed oil tumbled down by Rs 50 a quintal. Mustard recorded a gain of Rs 25 at Rs 2075 a quintal on strong demand from Calcutta and groundnut recorded a sharp rise of Rs 100 a quintal as arrivals from Rajasthan remained negligible.

Mumbai: Groundnut oil firmed up on good buying by consumers amidst inadequate stock position. Palmoil also looked up on fresh local buying interest on the oils and oilseeds market on Monday.

In the industrial sector, castor oil commercial shot up on fresh enquiries from shippers and soap manufacturers.Castorseeds hardened in unison.

However, linseed oil declined sharply on lack of inquiries from the paint industry. Linseed ready bold was steady.

In the futures market, castorseeds December contract opened higher at Rs 1767 on overnight buying. Later, prices trimmed the gains on profit-taking to close at Rs 1761, still showing a rise of Rs 12 over the previous close of Rs 1749.

Groundnut oil firmed up to Rs 600 from Rs 597, imported palmoil moved up to Rs 388 from Rs 387, castorseeds ready bold shot up to Rs 2074 from Rs 2045 and castor oil commercial hardened to Rs 452 from Rs 446 from the previous close. Linseed oil dropped to Rs 450 from the last close of Rs 465 and linseeds was unaltered at Rs 1700.

Sugar slips

On selling pressure from millers, mill delivery sugar Simbhauli dipped by Rs 20 at Rs 1390 a quintal and Sehora at low was down by Rs 12 at Rs 1310 a quintal. Scattered deals in mill delivery sugar Dauralla were settled at Rs 1412, Mawana at Rs 1480, Modi at Rs 1380-1400,Simbhauli at Rs 1390 and Titabi at Rs 1415 a quintal.

Pak sugar was quoted at Rs 1535 a quintal.

Mace crashes

In the expectations of increased inflow, mace crashed by Rs 45 at Rs 675 a kg. and nutmeg slipped by Rs 5-10 per kg. Cloves of Zanzibar were reported out of stock while Sri Lanka cloves remained subdued at Rs 57 a kg.

Among dry fruits, arrival of new kishmish Kandhari has since commenced and it was traded at Rs 6700 per 40 kgs. Old kishmish Kandhari recorded a sharp spurt of Rs 2000 at Rs 12,000 and superior kishmish Sundekhani scaled a new high at Rs 25,000, showing a sharp spurt of Rs 5000 per 40 kgs. on strong Deepawali demand. Abjosh rose to an all time high of Rs 5000-8700,showing a sharp rise of Rs 1000-1700 per 40 kgs and new abjosh was quoted at Rs 8000-8700 per 40 kgs. Almond California and its kernel, however, remained subdued.

Bullion firm

Both the precious metals, at the local market revealed a firm tendency on Monday.

Though silver in Hong Kong held steady at518 cents an ounce, yet spot silver .999 fineness edged up by Rs 15 at Rs 7665 a kg. on alround zooming Deepawali demand and silver weekly delivery edged up by Rs 20 at Rs 7675 a kg. on speculative support.

Silver coins held steady at Rs 11,000-11,200 per 100 pieces.

Gold biscuit and standard mint gold firmed up by Rs 10 at Rs 4330 and Rs 4340 per 10 gram, respectively as arrivals remained poor as compared to demand.

Gold sovereign ruled firm at Rs 3550-3600 per 8 gram on strong festive demand.

Mumbai: Both the precious metals moved in the opposite direction at the Mumbai bullion market on Monday.

Silver declined due to poor industrial demand as against fresh arrivals of recycled silver in the market. Weak trends in the upcountry markets dampened sentiment.

The yellow metal improved moderately on good local buying for the ensuing festivities and marriages. Higher overseas advices aided the uptrend.

Silver ready .999 fineness dropped to Rs 7675 from Rs 7700. Raw silver .916 finenessslumped to Rs 7535 from Rs 7575. Tenderable silver declined to Rs 7680 from Rs 7705 previously.

Standard gold firmed up to Rs 4280 from Rs 4270. 22-carat gold was nominally quoted higher at Rs 3960 from Rs 3950. Ten-tola gold bar .999 purity improved to Rs 50,600 from Rs 50,500 previously.

Twines spurt

Twines prices moved up sharply by Rs 50 at Rs 1800-2250 per quintal following buoyant demand from Punjab, Haryana, Rajasthan and Uttar Pradesh. The sentiment was aided on higher price advices from Nepal.

Other jute goods, B. Twill (2 & 2-1/4 lbs) held steady in expectations of demand from kharif produce fillers. Hessians were unchanged.

Deshi cotton slumps

Cotton yarn and cotton trade remained subdued because of slack demand. Hank, cone and hosiery yarn counts were unchanged and sluggish on continued poor demand from handloom and powerloom units.

In cotton, Deshi and J-34 slumped by Rs 50-100 at Rs 1465-1500 and Rs 1700-1825 per mound on increased pressure of new crop inflow inRajasthan, Haryana and Punjab mandies while the spinning mills demand is quiet good.

Mercury tumbles

Mercury marked down sharply by Rs 250 at Rs 9750 per 34.5 kgs. on 3000 bottles inflow from Chandigarh factory and nearly 3000 bottles already in stock. Traders expect the prices to fall further by Rs 100-150 in near term.

Clear Varnish Cheetah Copal marked down by Rs 30-40 at Rs 740 and Rs 730 after the Himachal government reduced sales prices of varnish. Oil heavy Creasot had declined by Rs 2 at Rs 28 per litre on poor offtake whereas light Creasot grade edged up by Rs 2 at Rs 30 per litre on better demand. Turpentine oil edged up by Rs 5 at Rs 35 per litre. Mentha flake, bold, oil and DMO firmed up by Rs 2-10 per kg. on steady advices trends from producing markets. Thymol too marked up by Rs 2 per kg.

Tin ingot down

Chadripital, brass accessories, brass boring, copper utensils, mixed scrap, wire scrap, gun metals scrap and tin ingot declined by 50 paise to Rs 2 per kg. on stockistssales arrivals and poor consumption by the industrial units.

Tin ingot was under pressure of expected arrivals of around 25 tonnes from Malaysia. Aluminium wire scrap wire bar, copper wire bar, rod and its wire improved by 50 paise to Re. one per kg. Zinc slab held steady.

Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.


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