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Our Bureau/Agencies
Mumbai, Oct 10: Groundnut oil rose to an all time high level of Rs 622 per 10 kg today following heavy festival buying in the face of thin supply from producing centres. However, castor oil and castorseed December contract fell sharply on poor demand.
In the edible section, groundnut oil rallied by Rs 7 to close at Rs 622 as against the last close of Rs 615. Groundnut bold remained untraded. Palm oil was unchanged at Rs 385.
In the non-edible section, castor oil commercial fell sharply by rs 10 and closed at Rs 425 from Rs 435 due to poor soap manufacturers' demand. Castorseed Madras declined to Rs 1944 from Rs 1992 on reduced export offtake. However, linseed oil and linseed, held steady at Rs 480 and Rs 1700 respectively.
In the futures market, castorseed December contract opened sharply lower at Rs 1625 and declined further steeply due to heavy stockists selling and ended at Rs 1614, sowing a fall of Rs 30.50 over the last close of Rs 1644.50.
Silver plunges: Silver prices plunged further byRs 220 per kg on heavy stockists offering due to steep fall in the international prices. Gold also declined on weak London advices.
Ready silver .999 fineness opened with overnight weakness and nosedived further to close at Rs 7430, showing a huge lose of Rs 220 over yesterday's close of Rs 7650. Raw silver .916 fineness fell sharply by Rs 225 to Rs 7300 from the last close of Rs 7525. Tenderable silver dropped to Rs 7435 from Rs 7655.
Standard gold fell further by Rs 40 to settle at Rs 4340 from Rs 4380. 22-carat gold was nominally quoted Rs 35 weak at Rs 4015 from Rs 4050, while ten tola bar .999 purity lost Rs 500 at Rs 51,100 from yesterday's mark of Rs 51,600.
Sugar steady A quietly steady trend prevailed on the sugar market following slack demand.M-30 were placed at Rs 1470-1550 and S-30 at Rs 1465-1500 a quintal ex-godown. Ex-octroi checkpost, M-30 were on offer at Rs 1465-1475 and S-30 at Rs 1440-1455.
In tenders, M-30 held steady at Rs 1415-1420 while S-30 eased by Rs 5 at Rs 1390-1400on selling pressure.
Milling wheat improves Milling wheat price ruled better on the grains market. Other wheat and rice were steady.
On festival demand for maida and rawa, the mills accelerated the purchase of wheat pushing up the price again from the low of Rs 680-685 to Rs 700-705 a quintal. Wheat north Gujarat Tukadi at Rs 765-825, 496 at Rs 825-900, Saurashtra Lokvan at Rs 775-850 and SW at Rs 900-1125 were maintained. MP 147 ruled at Rs 800-900 and Sarbati in the range of Rs 900-1400.
Rice Gujarat-17 were in demand at Rs 1600-1700. SLO were placed at Rs 1125-1150 and AP kattar at Rs 1075-1125.
Cotton weak A quiet condition prevailed on the cotton market. Undertone remained weak due to imminent heavy pressure of arrivals and none-too-happy condition of the textile industry.
Arrivals in Punjab zone were over 5000 bales. Bengal Deshi ready were placed at Rs 1330-1340, October at Rs 1300-1310 and November at Rs 1275-1280 a maund spot. J-34 saw-ginned new good average were placed at Rs1725-1800 and cart selected at Rs 1750-1840.
Sanker new Kadi ready were placed at Rs 19,800-20,000 and November at Rs 19,000 a candy. MP PY-1 November were quoted at Rs 17,500, LRA ready at Rs 18,500 and H-4 ready at Rs 19,000. Ariivals rose to around 2500 bales.
Yarn dull A dull situation continued on the yarn market.
Polyester yarn grey first quality of medium sized units 80dn rotoset at Rs 78, micro rotoset at Rs 88-90, weft at Rs 73-74 and warp at Rs 86-88 were unchanged.
150dn also ruled static. 150dn weft and warp were placed at Rs 60-61 and at Rs 68-70 respectively. 150dn single rot ruled at Rs 64 and double roto at Rs 66.
Delhi The local grains and pulses market displayed a mixed tendency on Saturday.On inflow of about 30 lorries from Maharashtra coupled with unloading by the stockists, rajmash chitra, on the local market slumped by Rs 75-100 at Rs 2400-2800 per quintal and on stockists selling, urad slipped by Rs 10-25 per quintal while quality arhar and its dal, on strongdemand, recorded a sharp spurt of Rs 100-150 at Rs 2700 and Rs 3700 per quintal, respectively. Moth, on strong festive demand firmed up by Rs 50 per quintal.
Among cereals, maize recorded a gain of Rs 15-20 at Rs 535-565 a quintal amidst tight supply position coupled with good demand from industrial consumers. Its prices in UP mandies also flared up by Rs 30-40 at 525-545 a quintal.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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