Groundnut oil eased by Rs 5 to Rs 410 per 10 kg. Sluggish demand followed by steady supplies from southern India attributed to the downtrend, dealers said. Besides Gujarat government's decision to lift the ban on inter-state sale of edible oil also triggered unloading by local stockists. In Rajkot prices initially opened lower at Rs 625 but recovered towards close at Rs 635 per 15 kg.

Imported palm oil edged down by Rs 2 to Rs 348 per 10 kg exclusive of tax amidst fresh supplies, sluggish demand and weak overseas advices. Castor oil nosedived by Rs 16 to Rs 385/399 per 10 kg owing to thin overseas enquiries and unloading by millers. Castorseed ready dipped below Rs 1,800-mark at Rs 1,746/1,752 per quintal on hectic new crop supplies. Daily arrival of castorseed ready were risen to14000/15000 bags in the Gujarat region, it was learnt.

In the futures section castorseed March delivery declined by Rs 30 to Rs 1500 per quintal on fresh bull liquidation. Maturing December delivery remained absent from trading today.

In Ahmedabad December delivery fell to Rs 1616 and February delivery at Rs 1455 per quintal. In Rajkot December delivery placed lower at Rs 1595 and February at Rs 1464 per quintal.

Bullion softens

Both the precious metals suffered losses on the bullion market here today.

Standard gold reacted by Rs 30 to Rs 4,310 per 10 gm. Gold .22 carat was down by same margin at Rs 3,985 per 10 gm. Prices of gold biscuit (116.50 gm.) crashed by Rs 400 to Rs 50,600 per piece. Demand resistance by seasonal buyers arrested the rally while losses in the global market and reaction in dollar value against rupee also triggered profit-taking by stockists and local bankers. In the overseas market gold slipped by $3 to $293 per ounce.

Silver .999 softened by Rs 60 to Rs 7,410 perkg. Silver .916 was down by Rs 50 to Rs 7,310 per kg. Industrial demand was dull while renewed overseas supplies and setback in the international market put pressure on the local market, according to dealers. Delhi was weak and in the global market the white metal placed lower by 6 cents to $4.87 per ounce.

Yarn up

The polysters were quoted higher on the yarn market on the eve of price announcements by the spinners. Viscose and nylons were quietly steady.Reliance Industries (RIL) has made minor changes in the prices.

Polyester yarn prices were quoted higher by Rs 2 to 3 a kg by the producers on grounds of higher costs.Thus, grey first quality of medium sized units 80dn rotoset rose to Rs 81-82, micro rotoset to Rs 88-89, weft to Rs 76 and warp to Rs 86-88. 80/1000dn and 80/1400dn held steady at Rs 117-118 and at Rs 127-128 respectively.

In the case of 150dn, weft moved up to Rs 63-64 and warp to Rs 72-73. Single and double roto were placed at Rs 67-68 and at Rs 70-71 respectively.

However,with uneconomic prices of fabrics and around 40 per cent capacity underutilisation in Bhiwandi powerlooms the trade is skeptic of the ability of the market to digest the rise.

Meanwhile, RIL has reduced the price of 80dn grey weft by Rs 2 and that of micro rotoset by Rs 3 a kg effective from tomorrow. In the case of 150dn grey weft and warp have become costlier by a rupee. Other prices have been kept unchanged. POY price have not been changed but PSF price was raised by 50 paise at Rs 41.50 exclusive of excise.

Cotton eases further

An easy trend continued in Punjab goods on the cotton market. Elsewhere, a quietly steady trend prevailed.

Meanwhile, the Maharashtra federation has slashed the prices of current season goods.

Arrivals in Punjab zone were comprised of 3500 bales of Bengal deshi and 9000 bales of J-34. On increased offerings the price shed Rs 5 to 10 a maund afresh. Ready Bengal deshi roller-ginned Punjab were placed at Rs 1500-1510, Haryana at Rs 1505-1510 and Rajasthan at Rs1510-1530 spot. J-34 saw-ginned good average Punjab were quoted at Rs 1680-1780, Haryana at Rs 1700-1725 and Rajasthan at Rs 1685-1715. Cart selected price ruled at Rs 1790-1910, at Rs 1765-1785 and at Rs 1725-1755 respectively.

Meanwhile, the Maharashtra federation, in line with the general market trend, has cut the price of LRA/H-4 and MECH-1 by Rs 300 and of AHH/DHY/NHH by Rs 200 a candy. The federation has so far procured an equivalent of 4 lakh bales. It has also been nursing and old cotton stock of around 6 lakh bales.

Grains weak

A dull-to-weak condition was noticed on the grains market following sluggish demand.

Green peas Canadian on increased selling pressure suffered setback and were placed at Rs 991-1000 a quintal. USA green peas could hold the ground and were quoted at Rs 1625 only due to limited stocks. Urad Myanmar shed Rs 25 at Rs 1625. Other items ruled static. Tur Myanmar 98 and 97 were placed at Rs 2000 and at Rs 1900 respectively. Kenyan tur ruled at Rs 2000 and Tanzanian atRs 2100.

Moong Myanmar and Chinese were traded at Rs 1850-1900 and at Rs 1950-2000 respectively. Australian gram ruled at Rs 1600. Kabuli gram A-2 at Rs 3300-3400, B-2 at Rs 2700-2800, C-2 at Rs 2300-2400 and natural at Rs 1500-2600 were unchanged. Rajma chitra deshi and imported found sellers at Rs 2400-2500 and at Rs 2100-2200 respectively. Red rajma imported were on offer at Rs 2500.

Wheat milling were steady at Rs 751. Rice Gujarat-17 new and old were traded at Rs 1650-1700 and at Rs 1800-1850 respectively.

Sugar divergent

A divergent trend was noticed on the sugar market.

Indigenous sugar price improved by Rs 5 a quintal ex-octroi checkpost in anticipation of hike in the import duty. M-30 were placed at Rs 1435-1445 and S-30 at Rs 1410-1425. Ex-godown, M-30 at Rs 1443-1500 and S-30 at Rs 1420-1448 held steady in early deals.

However, selling pressure was noticed in imported sugar. This resulted into the Pakistani sugar changing hands at Rs 1415, down from Rs 1425 inclusive of salestax. Later the price rallied partially to Rs 1420.

In tenders also the price was edged up by Rs 5 as M-30 were indicated at Rs 1390-1400 and S-30 at Rs 1370-1380 in Kolhapur line.