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Our Commodity Bureau
MUMBAI, Dec 7: Groundnut oil extended gains on the oil,oilseeds market here today. Castorseed and its oil also advanced sharply on hectic covering by bears and shippers.
Groundnut oil edged up by Rs 4 to Rs 422 per 10 kg on fresh consumer buying couled with tight supplies. In Rajkot it was quiet at Rs 650 per 15 kg.
Imported palm oi placed a rupee higher at Rs 346 per 10 kg exclusive of tax on eased supplies, but sentiment was weak at the close following news of setback in the global market at $665 per tonne.
Castor oil moved up smartly by Rs 6 to Rs 376/390 per 10 kg on fresh covering by shippers. Castorseed ready crossed Rs 1,700 mark to close the day at Rs 1,703/1,709 per quintal in sympathy.
In the futures section castorseed March delivery recovered from Ra 1,456 to Rs 1,473 per quintal as higher Ahmedabad advices triggered short covering. Maturing December delivery remained absent from trading today.
In Ahmedabad February delivery closed firm at Rs 1,483 and in Rajkot at Rs 1,484 perquintal.
Gold moves up
Gold prices looked up while silver was divergent on the bullion market here today.
Standard gold moved up by Rs 5 to Rs 4,300 per 10 gm. Gold .22 carat was up by Rs 10 to Rs 3,980 per 10 gm. Stray seasonal demand influenced the uptrend while supplies were restricted. Prices of gold biscuit (116.50 gm.) remained unchanged at Rs 50,400 per piece. In the overseas market gold slid from $293 to $292.45 per ounce
Silver .999 closed Rs 5 lower at Rs 7,270 per kg amidst thin industrial enquiries. But lack of ready stock kept volume of trading limited, according to traders. Silver .999 ended Rs 5 higher at Rs 7,160 per kg. In the global market the white metal moved down to $4.77 from $4.80 per ounce earlier.
Sugar rallies
Sugar price staged a small rally on low level support.
Price recouped Satruday's loss of Rs 5 a quintal as buying support improved. M-30 were placed at Rs 1455-1475 and S-30 at Rs 1435-1450 a quintal ex-octroi checkpost. Ex-godown, the price ruledat Rs 1465-1535 and at Rs 1450-1470 respectively.
No deals were reported in imported sugar.
In tenders, M-30 at Rs 1415-1425 and S-30 at Rs 1395-1405 in Kolhapur line were steady.
Punjab cotton eases
An easy condition continued in Punjab zone cotton as the demand as also speculative support was on the wane.
Price fell by Rs 10 a maund as Bengal deshi roller-ginned Punjab were placed at Rs 1520-1530, Haryana at Rs 1555-1560 and Rajasthan at Rs 1540-1555 spot. J-34 saw-ginned good average Punjab were quoted at Rs 1695-1770, Haryana at Rs 1700-1740 and Rajasthan at Rs 1685-1715. Cart selected were traded at Rs 1790-1925, at Rs 1775-1795 and at Rs 1730-1760 respectively. Arrivals consisted of 3500 bales of Bengal deshi and 10,000 bales of J-34. Other cottons were steady.
Grains steady
A quietly steady trend prevailed on the grains market. Activity was restricted.
Wheat milling were indicated at Rs 765 a quintal. Saurashtra Lokvan ruled at Rs 775-825 and SW at Rs 825-900. NorthGujarat Tukadi ruled at Rs 775-800 and 496 at Rs 825-865. MP 147 and Sarbati wheat were transacted at Rs 825-850 and at Rs 900-1300 respectively.
Among rice, Gujarat 17 new and old were quoted at Rs 1650-1700 and at Rs 1800-1850 respectively. AP kattar rice were on offer at Rs 950-1100. Permal Punjab were on offer at Rs 850-1050 and superior at Rs 1200-1300.
Yarn dull
A dull condition continued on the yarn market.
Polyester yarn continued to languish under the influence of poor offtake of fabrics which, in turn, had kept the capacity utilisation in Bhiwandi poowrlooms to a low of 60 per cent. Liquidity crunch also remained.
Grey first quality polyester yarn of medium-sized units 80dn rotoset were placed at Rs 78-79, micro rotoset at Rs 85-86, weft at Rs 75-76 and warp at Rs 85 a kg. 80/1000dn and 80/1400dn were traded at Rs 115-116 and at Rs 124-125 respectively.
In the case of 150dn, weft were on offer at Rs 62 and warp at Rs 72. Single and double roto found sellers at Rs 66 and at Rs 69respectively.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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