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Groundnut oil tumbles on lack of buying interest 

Our Commodity Bureau  
Mumbai, Dec 6: Groundnut oil suffered losses at the improved level on the oil,oilseeds market here today. Castorseed and its oil however extended rally as steady overseas enquiries prompted fresh round of covering by buyers and shippers while bull operators were active in the forward market, dealers said.

Groundnut oil declined by Rs 10 at Rs 360 per 10 kg owing to lack of buying interest coupled with weak upcountry advices. In Rajkot groundnut oil slipped below Rs 600-mark at Rs 590/592 per 15 kg. it was learnt.

Imported palm oil eased by a rupee at Rs 212 per 10 kg. In the global market palm oil fell to $365/367.50 per tonne. Castor oil however shot up by Rs 3 at Rs 372/384 per 10 kg. Castorseed ready hardened by Rs 15 at Rs 1704/1710 per quintal.

In the future section castorseed March delivery moved up from Rs 1710 to Rs.1733 before settling at Rs 1722 per quintal. Maturing December delivery remained absent for trading today. Castorseed February delivery placed firm at Rs 1701/1702 per quintal in Rajkot.

In the international castorseed future market February delivery ruled steady at Rs 385 and April delivery placed at Rs 390 per 10 kg. Gold rules weakGolduled weak and continued to fallwhile silver prices closed on a mixed note on the bullion market here today.

Standard gold dropped by Rs 60 at Rs 4,380 per 10 gm. Gold .22 carat was down by same margin at Rs 4,050 per 10 gm. in sympathy. Prices of gold biscuit (116.50 gm.) nosedived by Rs 700 at Rs 51,100 per piece. Seasonal buyers were stayed away in the falling market while steady global advices on news of fresh setback, prompted another round of panic selling by stockists and local bankers here. In the overseas market gold dipped from $281.95 to $275.25 before concluding at $277.25 per ounce.

Meanwhile silver .999 finished Rs 10 lower at Rs 7,980 per kg. on weak overseas advices coupled with slow industrial buying. Silver .916 remained unchanged at Rs 7,845 per kg on nominal trading. Overall volume of trading was at a low ebb during the day. Delhi advices were discouraging. In the global market the white metal slid by 3 cents at $5.08 per ounce.

Sugar subdued
A dull-to-subdued condition was noticed on the sugar market following slack demand.M-30 at Rs 1438-1495 and S-30 at Rs 1390-1431 a quintal ex-godown ruled more or less steady. Ex-octroi checkpost, M-30 shed Rs 5 at Rs 1405-1415 while S-30 were unchanged at Rs 1385-1395.In tenders, losing Rs 5, M-30 were indicated at Rs 1350-1360 and S-30 at Rs 1330-1340 in Kolhapur line.

Milling wheat eases
Milling wheat price eased on the grains market. Among pulses, white peas and urad lost ground. Elsewhere, a quietly steady condition prevailed.

Following increased offerings milling wheat price eased by Rs 10 to 15 a quintal. Indigenous were on offer at Rs 750-755 and French at Rs 635. Wheat North Gujarat Sonaklyan at Rs 800-825, Tukadi at Rs 830-840 and 496 at Rs 875-881 were static.Rice AP kattar were placed at Rs 1025-1050 and Perimal new at Rs 950-975.

Among pulses, white peas Canadian at Rs 831-875 and French at Rs 851 declined by Rs 10 on slack demand. Green peas Rumba/Heart at Rs 1400 and Canadian at Rs 1050-1075 held steady. Urad Myanmar were down by Rs 25 at Rs 1825-1850.

Tur Myanmar at Rs 1300-1400, Malawi at Rs 1600 and Kenya/Tanzania at Rs 1700 were static. Kabuli gram A-2 Mexican were traded at Rs 4400, USA at Rs 3800-4000 and Turkish at Rs 3600. B-2 ruled at Rs 3000-3025. C-2 average found sellers at Rs 2300-2400 while superior fetched Rs 2500-2700. Natural kabuli gram were traded at Rs 2800.

Cotton steady
A steady condition was in evidence on the cotton market. Mill demand was thin.

Bengal Deshi roller-ginned Punjab ruled at Rs 1015-1070, Haryana at Rs 1025-1030 and Rajasthan at Rs 1040-1060 a maund spot. J-34 saw-ginned good average Punjab were on offer at Rs 1345-1415, Haryana at Rs 1315-1370 and Rajasthan at Rs 1300-1330. Cart selected fetched Rs 1515-1540, Rs 1390-1430 and Rs 1365 respectively. J-34 roller-ginned good average Punjab and Haryana were on offer at Rs 1340-1360 and at Rs 1370-1380 respectively while Rajasthan were quoted at Rs 1370-1395.

V-797 at Rs 11,800-12,200, Wagad at Rs 11,400-11,500 and Kalan-ginned at Rs 11,000 as also Sanker in the range of Rs 16,000-18,300 a candy were unchanged.

Yarn listless
A quietly steady trend prevailed in viscose and nylons on the yarn market.Nylon yarn 15/1/0dn Shreelon were on offer at Rs 270 a kg. Gujnil 20/1/0dn were traded at RS 250, 30/1/0dn at Rs 310 and 111/24/0dn at Rs 155.Viscose filament yarn bright cones first quality Century Rayon/Indian Rayon 150dn ruled at Rs 196, 120dn at Rs 205, 100dn at Rs 220 and 75dn at Rs 252.

Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.

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