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Friday, November 13, 1998

Groundnut oil moves down again; bullion divergent 

Our Bureau/Agencies  
Mumbai, Nov 12: Groundnut oil turned weak on the oilseeds market here today due to poor offtake in the face of fresh arrivals. Castor oil and castorseeds declined further on poor industrial and export demand.

In the edible section, groundnut oil declined by Rs 4 to close at Rs 478 as against the previous close of Rs 482. Groundnut bold remained untraded. Imported palm oil eased to Rs 362 from Rs 363.

In the industrial section, linseed oil dropped further sharply by Rs 6 to Rs 416 from Rs 422, while castorseed fell by Rs 35 to end at Rs 1895 from yesterday's level of Rs 1930. Linseed oil and linseed bold, however, held steady .

In futures, castorseed December contract started better at Rs 1647 and rose further to Rs 1651 on good stockists buying. Later, due to poor export demand, it reacted to end at Rs 1646, showing a marginal rise over the last close of Rs 1645. Grains subdued

A dull-to-subdued condition, generally, prevailed on the grains market following slack demand.

Wheat north GujaratTukadi ruled at Rs 800-850 and 496 at Rs 850-875 a quintal. Rice Gujarat-17 were placed at Rs 1700-1750 and Permal Punjab at Rs 925-1200.

Among pulses, white peas Canadian shed Rs 25 on selling pressure. Ready were placed at Rs 950 and incoming at Rs 925. Tur Kenyan at Rs 2150 and Tanzaian at Rs 2300 surrendered Rs 75 and Rs 50 respectively on slack demand. Tur Myanmar 1998 were static at Rs 2300 and 97 at Rs 2100. Urad Myanmar price eased by Rs 50 at Rs 1650. Australian gram price firmed up by Rs 50 at Rs 1600 on higher overseas advices.

Green peas USA at Rs 1600-1650, Canadian at Rs 1125, moong Myanmar at Rs 1900, kabuli gram A-2 at Rs 3500-3600, B-2 at Rs 3200-3300, C-2 at Rs 2600 and natural at Rs 2700-2750 were steady. Rajma chitra deshi at Rs 2500-2600 and red rajma imported at Rs 2600 were unchanged.

Bullion divergent

Gold reacted moderately on the bullion market here today due to poor local buying and silver improved further on better overseas advices.

Standard gold, after a betterstart, reacted towards the fag end and closed at Rs 4280, showing a fresh fall of Rs 5 over the last close of Rs 4285. 22-carat gold was nominally quoted lower at Rs 3960 from Rs 3965, while ten-tola gold bar (.999 purity) held steady at yesterday's level of Rs 50,300.

Ready silver (.999 fineness) and tenderable silver rose further by Rs 5 each to close at Rs 7525 and Rs 7530 from the previous close of Rs 7520 and Rs 7525 respectively. Raw silver (.916 fineness) improved by Rs 15 and finished at Rs 7410 from the last level of Rs 7395.

Cotton declines

A weak trend contiuned on the cotton market in the wake of pressure of arrivals not receiving adequate buying support.

Arrivals throughout the country were placed at 50,000 bales with north zone accounting for 16,00.

In Punjab zone the price lost Rs 15 to 20 a maund. Ready Bengal deshi dipped to Rs 1565-1600 a maund spot. J-34 saw-ginned good average Rajasthan were on offer at Rs 1750-1800, Haryana at Rs 1800-1840 and Punjab at Rs 1800-1875. Cartselected were mentioned at Rs 1885-1935.

Sanker lost Rs 200 a candy at Rs 19,000-20,000. MP cotton were quietly steady. V-797 were unchanged at Rs 16,000-16,400.

Yarn listless

A listless condition prevailed on the yarn market as the demand remained sluggish.

Nylon yarn Gujnil 20/1/0dn ruled at Rs 225, 30/1/0dn at Rs 290 and 111/24/0dn at Rs 157 a kg. 15/1/0dn Shreelon were on offer at Rs 240.Viscose filament yarn bright cones first quality Century Rayon 120dn dull ruled at Rs 256 and bright at Rs 247.

Sugar steady

A quietly steady trend was in evidence on the sugar market following low volume of business.

M-30 were placed at Rs 1455-1520 and S-30 at Rs 1445-1470 a quintal ex-godown. Ex-octroi checkpost, the price ruled at Rs 1455-1465 and at Rs 1430-1440 respectively.

There were no tenders as the entire quantity for the current fortnight has been sold out, averred trade sources.

Imported sugar ruled at Rs 1450 inclusive of sales tax.

Delhi

Deals for the export ofabout 12,000 bags cardamom brown were concluded by Siliguri exporters with their counterparts in Singapore, cardamom brown scaled a new high at Rs 11,500-16,000, recorded a sharp spurt of Rs 500-1000 a quintal while on Tuesday, it was priced at Rs 9300-14,000 a quintal. Turmeric shot up by Rs 50-100 a quintal on firm Erode advices.

Among dry fruits, abjosh further flared up by Rs 100-200 at Rs 5600-9200 per 40 kgs. as its crop in Afghanistan was reported poor. Almond California and its kernel including Pistachio Dody, revealed an easy tendency.

Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.


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