The free sale quota of 7.50 lakh tonnes each for January and March and 7.25 lakh tonnes for February was considered to be on the high side taking into consideration the fact that the demand during the cold season remained on the low side and the competition from khandsari being maximum during January and February. Besides, the supply continued to be augmented by imports. The expectation of simultaneous announcement of hike in the import duty not materialising was another bearish factor.

Heavy offerings that followed in the wake of these developments have pruned Rs 15 in the prices ex-godown and by Rs 10 ex-octroi checkpost and in ex-mill rates. Superior quality goods were less affected on limited supply. M-30 were down to Rs 1485-1540 and S-30 to Rs 1475-1505. Ex-octroi checkpost, the price dropped down to Rs 1480-1490 and to Rs 1455-1470 respectively.

Tenders are tocommence today and the price for M-30 was indicated at Rs 1435-1440 and for S-30 at Rs 1415-1420 In Kolhapur line.

Pakistani sugar was on offer at Rs 1375 plus sales tax ex-Kandla port in Gujarat.

Milling wheat up

Milling wheat price improved on the grains market. Elsewhere, a quietly steady trend prevailed.

Milling wheat price improved by Rs 5 a quintal at Rs 770-775 on stepped up buying support. Wheat north Gujarat Sonaklyan were on offer at Rs 800-815, Tukadi at Rs 825-841, Lokvan at Rs 835-860 and 496 at Rs 850-875.

Rice Perimal Punjab were placed at Rs 850-900 and superior at Rs 1200-1300. AP Kattar were placed at Rs 1000-1100 and Gujarat-17 at Rs 1600-1800.Among pulses, tur Kenyan and Tanzanian were on offer at Rs 2050 and at Rs 2150 respectively. Myanmar tur of 98 crop were traded at Rs 1600 on January/February shipment basis. Urad Myanmar were on offer at Rs 1701-1711. Moong Myanmar were transacted at Rs 1800-1950 and Chinese at Rs 1850-1950.

Yarn unchanged

A quietcondition prevailed on the yarn market on slack demand. Meanwhile, Reliance Industries has kept the price of POY, texturised yarn and PSF unchanged as it made the beginning of the month announcement today.

Activity in polyester yarn has again turned slauggish as the earlier improvement of 10 paise a metre in the price of grey fabrics has evapourated. The capacity utilisation in Bhiwandi powerlooms continued to be at a low ebb of 50 per cent. Thus, the prices of polyester yarn remained quiet. Grey first quality of medium sized units 80dn rotoset were placed at Rs 80-81, micro rotoset at Rs 86-87, weft at Rs 76-77 and warp at Rs 85-86 a kg. 80/1000dn and 80/1400dn were placed at Rs 115-120 and at Rs 120-125 respectively.

In the case of 150dn, weft and warp were quoted at Rs 62-63 and at Rs 70-72 respectively. Single roto were mentioned at Rs 65-66 and double roto at Rs 66-67.

G'nut oil reacts

Groundnut oil lost gained ground on the oil,oilseeds market here today. Castorseed and its oil remainedfirm in ready delivery while prices were weak in the forward market.

Groundnut oil reacted from Rs 435 to Rs 432 per 10 kg on demand resistance while higher prices attracted profit-taking. In Rajkot prices quoted lower from Rs 655 to Rs 650/652 per 15 kg despite continued buying by National Diary Development Board (NDDB).

Imported palm oil closed Rs 3 lower at Rs 342 per 10 kg exclusive of tax on fresh arrivals at Mumbai port which prompted unloading by local importers. Castor oil edged up by Rs 2 to Rs 382/396 per 10 kg on fresh overseas enquiries. Castorseed ready recovered by Rs 10 at Rs 1732/1738 per quintal in sympathy.

In the futures section castorseed March delivery fell by Rs 4 at Rs 1446 per quintal on bull unloading. In Ahmedabad castorseed February delivery closed at Rs 1535 and in Rajkot it was placed at Rs 1525 per quintal. In Gujarat castorseed ready delivery quoted at Rs 335 per 20 kg following continued arrivals - 20000/22000 bags, it was learnt. Castor oil ruled quiet at Rs 368 per 10kg.

Bullion firm

Firm trend witnessed on the bullion market here today. Standard gold placed Rs 10 higher at Rs 4,225 per 10 gm. Gold .22 carat was up by same margin at Rs 3,910 per 10 gm. Prices of gold biscuit (116.50 gm.) rose by Rs 50 at Rs 49,450 per piece. Seasonal buying was slow but lack of buying interest and shortage of ready nearby delivery kept gold prices upward. In the global market gold looked up from $287.40 to $287.70/287.80 per ounce.

Meanwhile silver .999 edged up by Rs 5 to Rs 7,500 per kg. Silver .916 moved up by same margin at Rs 7,390 per kg amidst shortage of ready stock. In the global market the white metal remained unchanged at $5.02/5.03 per ounce.

Cotton steady

A quietly steady condition prevailed on the cotton market on restricted demand.

Bengal deshi were placed at Rs 1510-1550 a maund spot. J-34 saw-ginned good average ruled at Rs 1660-1760 and cart selected in the range of Rs 1715-1930. J-34 roller-ginned were mentioned at Rs 1570-1650.Sanker averagewere placed in the range of Rs 18,500-19,500 and superior at Rs 20,000-20,500 a candy.

In futures, activity remained negligible. February and April ruled at Rs 4893 and at Rs 4993 respectively throughout the session.