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Thursday, April 29, 1999

Commodity briefing 

FE NEWS SERVICE  
New York cotton futures up
In New York, cotton futures on the cotton exchange settled slightly higher on moderate buying by speculators, commission houses and funds, participants said. "The market is still a bit short," a broker said, adding that despite Monday's slippage, the market was resuming last Friday's up ward trend. "Specs are still on the short side, and I guess the mar ket has found a seasonal bottom here," he added. (settlement prices in cents per pound with intraday range): As the nearby contract enters its delivery period, some 571 deliveries were issued Tuesday totalling 660 lots since Monday - when the first notice day for may deliveries started. "It was a big number, but it was pretty much expected," a participant said. "But what happened was a sort of sell-the-rumour-buy-the-fact situation."

Nitrate, mercury up
In New Delhi, nitrate and mercury went up in the local chemical market here today, due to paucity of stock. While soda ash drop due to more than requiredarrivals in the market. Nitrate increased by Rs 125-150 to close at Rs 1,000-1,050 from previous close of Rs 875-900. Mercury also went up by Rs 450 to close at Rs 10,000 from previous level of Rs 9,550. On the other hand, soda ash DCW and Gujarat drop by Rs 10 each to close at Rs 790 from previous close of Rs 800. The volume of business was small.

Plastic prices remain unchanged
In New Delhi, prices continued to hold previous positions on the plastic market today on lack of buying support and closed unchanged. Arrivals and offtake was negligible and volume of business small. Marketmen said trading activities were restricted due to tight money positions.

Cone yarn up on buying support
In New Delhi, cone yarn improved on the cotton yarn market today on emergence of buying by some textile units and closed higher. Marketmen said fresh demand from some textile units in uttar pradesh influenced the market sentiment. They said arrivals and offtake were balanced and volume of businessremained small. In cone yarn, Hissar 4 count gained Rs 2 at Rs 248 and Jind 6 count by same margin at Rs 282 per five kilo respectively. KSL 6 count was higher by rupee one at Rs 264 and Annapurna at Rs 286 per five kilo.

Nickel rises on overseas advices
In New Delhi, nickel prices rose on the non-ferrous metal market on fresh purchases by local dealers and closed higher. Marketmen said emergence of buying by local parties influenced by higher London Metal Exchange advices pushed up the prices moderately. They said elsewhere, price movement was restricted which also reduced the volume of business. Nickel was higher by Rs 2 at Rs 243 per kilo on local buying support.

Groundnut oil improves
In New Delhi, groundnut oil improved on the oils and oilseeds market today on fresh purchases by stockist and closed with gains. Marketmen said buying by local parties, mainly stockists pushed up groundnut oil prices. They said prices of other oils and seeds were hovering around previous levels onsmall trading activities and settled at unchanged levels. Groundnut mill delivery rose from Rs 4,120-4,175 to Rs 4,120-4,200 per quintal. Following were today's quotations per kg: Tin ingot 340, solder (40 per cent) 150, nickel 241, wire bar 111, copper rod 115, copper wire 119, copper scrap 98-99, chadripital 80, brass sheet cutting 82-83 and brass boring 67-68. Lead ingot 33, lead imported 38-40, aluminium (22 gauge) 95-96, aluminium (30 gauge) 103-106, and aluminium (36 gauge) 110-118.

Sugar prices firm up
In New Delhi, mill gate sugar prices hardened on the primary sugar market today following restricted supply and good demand and closed with fresh gains. According to marketmen, restricted arrivals in the wake of increased seasonal demand and higher millers advices mainly enthused the market sentiment.Imported ex-amritsar delivery sugar also rose on better offtake. However, Delhi whole sugar prices ruled steady on sporadic support. In the mill gate section, Modi Nagar and titabi rose from Rs1,445 each to settled at Rs 1,455 and Rs 1,450 per quintal.

Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.


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