The market had resumed trading on a quiet note as the demand remained at a low ebb. Hovering around the overnight levels M-30 ruled at Rs 1405-1480 and S-30 at Rs 1370-1415 a quintal ex-godown, prior to the quota news. Likewise, ex-octroi checkpost, M-30 ruled at Rs 1380-1400, S-2 at Rs 1335 and S-30 at Rs 1350-1375.In tenders, M-30 were indicated at Rs 1340-1360, S-2 at Rs 1290 and S-30 at Rs 1307-1325 in Kolhapur line.

However, the free sale releases of 8.25 lakh tonnes for February and 8.50 lakh tonnes for March announced today were considered to be higher by 50,000 tonnes each than the trade anticipation. This has turned the sentiment bearish and the prices are expected to fall by atleast Rs 10, opined trade sources.Imported EEC-2 sugar was quoted at Rs 1530.

Cotton hardens
Sentiment on the cotton market got a fresh boost on firm overseas news causing a fresh noticeable rise in future rates.

Punjab zone staple cotton hardened by Rs 10 to 20 a maund following steady buying support, coupled with restricted offerings. J-34 saw-ginned Punjab went up to Rs 1470-1565, Haryana to Rs 1440-1490 and Rajasthan to Rs 1450-1475 spot. Cart selected fetched Rs 1520-1625, Rs 1490-1555 and Rs 1475-1490 respectively. Roller-ginned good average Haryana were placed at Rs 1390-1410 and Rajasthan at Rs 1400-1420.

Bengal Deshi Punjab at Rs 1025-1075, Haryana at Rs 1035-1040 and Rajasthan at Rs 1035-1055 held steady.

V-797 old at Rs 11,900-12,200, new at Rs 11,700-12,000 and Sanker in the range of Rs 16,200-19,000 a candy ruled steady.

Buying support continued in futures which had pushed up the price of February by another Rs 60 as it finished at Rs 4220 a quintal. April ended at Rs 4273 and June at Rs 4290, up by Rs 84 and Rs 89 respectively. The sharp rise in New York futures, firm advice from Pakistan and reports that China has informed the foreign buyers of cotton yarn that it would ship only those goods in respect of which the letters of credit have been established by 31 December 1999. The deals not confirming to this stipulation will be treated as cancelled at par, informed trade sources. Similar step China had taken in respect of cotton earlier, they stated.

Meanwhile, there was spurt in New York futures with gains ranging from 2.57 to 2.99 cents. March ruled at 57.75, May at 59.03, July at 60.10 and October at 61.

Bullion suffers setback
Both the precious metals suffered modest setback at the improved level on the bullion market here today. Standard gold reacted by Rs 20 at Rs 4,560 per 10 gm. Gold .22 carat was down by Rs 15 at Rs 4,220 per 10 gm. in sympathy. Prices of gold biscuit (116.50 gm.) dropped by Rs 200 at Rs 53,400 per piece. Seasonal buyers were stayed away at higher level. News of weak global prices prompted light profit-taking by stockists and local bankers, dealers said. In the global market the yellow metal finished lower from $289.50 to $288.25 per ounce.

Silver .999 fell by Rs 15 at Rs 8,050 per kg. Silver .916 was down by Rs 20 at Rs 7,935 per kg. Fresh industrial and seasonal demand for silver remained low at higher level. Higher supplies and weak Delhi advices put pressure on the local market, according to market sources. In the global market the white metal ruled steady at $5.12/5.13 per ounce.

Grains steady
A steady condition was noticed on the grains market.

Rice Perimal Pakistan at Rs 900-925, indigenous average at Rs 950-1150 and superior at Rs 1250-1300 a quintal ruled unchanged. Wheat milling indigenous at Rs 755-760, imported red at Rs 665-670 and white at Rs 711-715 also held steady.

Among pulses, green peas Rumba/Heart USA ruled at Rs 1300 and Canadian at Rs 911-921. White peas French/Canadian were on offer at Rs 861-871. Moong Myanmar and Chinese continued to be transacted at Rs 1500-1700 and at Rs 1750-1850 respectively. Kabuli gram A-2 Mexican ruled at Rs 4500-4600, Canadian at Rs 3900-4000, USA at Rs 3600-3700 and Turkish at Rs 3400-3500.

B-2 were quoted at Rs 3000. C-2 average were on offer at Rs 2200-2300 and superior at Rs 2500-2600. Natural kabuli were placed at Rs 2800.

G'nut oil reacts
Groundnut oil reacted on the oil,oilseeds market here today. Castorseed and its oil remained weak on news of continued supplies in the producing centers.Groundnut oil slid by Rs 5 at Rs 365 per 10 kg. following thin buying interest coupled with fresh new crop supplies. In Rajkot prices quoted below Rs 600-level at Rs 595 per 15 kg.

Imported palm oil ruled steady at Rs 206/207 per 10 kg.but the undercurrent was subdued owing to sluggish local buying interest coupled with weak global advices. Palm oil prices in the overseas market declined from Rs 347.50 to Rs 345 per tonne, it was learnt. Castor oil reacted by Rs 2 at Rs 353/365 per 10 kg. Castorseed ready were down by Rs 10 at Rs 1609/1615 per quintal.In the futures section castorseed March delivery quoted lower from Rs 1634 to Rs 1612 before settling at Rs 1615 per quintal. Light bull unloading at higher level attributed to the setback.

In Ahmedabad castorseed February delivery closed lower at Rs 1,564 and April delivery settled at Rs 1,594 per quintal. Castorseed arrivals in Gujarat placed at 35000/40000 bags today.

Yarn lacklustre
In lacklustre trading prices of polyesters, viscose and nylons hovered around the previous day's levels on the yarn market.