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Our Commodity Bureau
Mumbai, Dec 28: Groundnut oil bounced back from the reduced level on the oil, oilseeds market here today. Castor oil looked up modestly while castorseed ready and forward delivery moved in opposite direction.
Groundnut oil recovered from Rs 415 to Rs 428 per 10 kg on fresh seasonal demand and tight supplies. In Rajkot prices looked up from Rs 645 to Rs 650/655 per 15 kg.
Imported palm oil edged up by Rs 2 at Rs 336 per 10 kg exclusive of tax on fresh upcountry buying followed by modest recovery in the overseas market. In the global market palm oil climbed from $630 to $637.50 per tonne on renewed covering by State Trading Corporation of India, it was learnt. Castor oil edged up by a rupee to Rs 392/406 per 10 kg on stray buying by shippers. Castorseed ready finished Rs 5 higher at Rs 1780/1786 per quintal.
In the futures section castorseed March delivery reacted from Rs 1469 to Rs 1457 per quintal on profit-taking by bull operators following rise in the new crop supplies at producing centres, floorsources said. Maturing December delivery remained absent from trading.
In Ahmedabad February delivery placed lower at Rs 1538 per quintal. In Gujarat castorseed ready delivery fell to Rs 338/340 per 20 kg following rise in the inflow of castorseed - 20,000/22,000 bags. Castor oil quoted Rs 4 lower at Rs 378 per 10 kg in Gujarat, it was gathered.
Sugar looks up
A better trend prevailed on the sugar market following delay in the announcement of quota and expectation of import duty hike.
The price looked up by Rs 5 a quintal. M-30 rose to Rs 1500-1530 and S-30 to Rs 1495-1500 ex-godown. Ex-octroi checkpost, the former were traded at Rs 1485-1500 and the latter at Rs 1465-1475.
The tenders were over. The quotations of delivery orders firmed up by Rs 5. M-30 were indicated at Rs 1445-1450 and S-30 at Rs 1425-1430 in Kolhapur line.
Bullion falls
Both the precious metals suffered fresh losses on the bullion market here today. Standard gold fell by Rs 10 at Rs 4,210 per 10 gm. Gold .22carat closed lower by same margin at Rs 3,895 per 10 gm. Prices of gold biscuit (116.50 gm.) however remained unchanged at Rs 49,400 per piece. Seasonal demand for gold was at a low ebb as market was mirroring slide in the global prices amidst limited activity and tight overseas supplies. In the international market gold slid from $287.50 to $286.50/287 per ounce.
Meanwhile silver .999 finished Rs 5 lower at Rs 7,400 per kg. In the ready section silver .916 was down by Rs 10 at Rs 7,280 per kg. Industrial and seasonal buying was at a low ebb. Delhi advices remained discouraging. In the global market silver slid from $4.94 to $4.91/4.92 per ounce.
Punjab cotton bearish
Bearish trend in Punjab zone cotton forged further ahead with added momentum. Other cottons ruled steady.
On increased selling pressure in the wake of absence of buying support from the mills as also due to lack of speculative interest, the prices in the Punjab zone lost Rs 15 to 20 a maund. Bengal deshi roller-ginned Punjab weredown to Rs 1500-1530, Haryana to Rs 1495-1500 and Rajasthan to Rs 1530-1550 spot. J-34 saw-ginned good average Punjab were placed at Rs 1670-1770, Haryana at Rs 1670-1720 and Rajasthan at Rs 1675-1705. Cart selected goods fetched Rs 1775-1925, at Rs 1765-1775 and Rs 1710-1760 respectively.
Roller-ginned J-34 found sellers in the range of Rs 1570-1650. The zone had received 3500 bales of Bengal deshi and 13,000 bales of J-34.
Sanker average at Rs 18,500-19,500 and superior at Rs 20,000-20,500 a candy were steady. V-797 were placed at Rs 16,300-16,500.
Grains steady
Milling wheat price looked up on the grains market. Elsehwere, a quietly steady condition prevailed.
Milling wheat price improved by Rs 10 a quintal at Rs 765-770, reportedly on supply from the FCI hitting the snag. Wheat north Gujarat Sonaklyan at Rs 800-815, Tukadi at Rs 835-855, Lokvan at Rs 835-860 and 496 at Rs 850-875 were maintained. Rice Gujarat-17 ruled at Rs 1600-1800. Perimal Punjab were on offer at Rs 850-950 andsuperior at Rs 1200-1300.
Among pulses, Green peas USA ruled at Rs 1550-1600 and Canadian at Rs 921-925. Australian gram were on offer at Rs 1500. Kabuli gram A-2 were placed at Rs 3100, B-2 at Rs 2600-2800, C-2 at Rs 2200-2300 and natural at Rs 2500.
Yarn quiet
A quietly steady condition continued in nylons and viscose on the yarn market.Nylon yarn Shreelon 15/1/0dn were placed at Rs 240 and 20/1/0dn at Rs 230 a kg. Gujnil 20/1/0dn and 30/1/0dn were on offer at Rs 220 and at Rs 290 respectively. 111/24/0dn were quoted at Rs 157.
Viscose filament yarn bright cones first quality Century Rayon 150dn ruled at Rs 217, 120dn at Rs 239, 100dn at Rs 238 and 75dn at Rs 263. 120dn dull cones found sellers at Rs 247.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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