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Bearish trend forges ahead in cotton; castor oil up 

Our Bureau/Agencies  
Mumbai, July 31: Bearish trend forged further ahead on the cotton market following increased offerings.

Bengal deshi price lost Rs 20 to 25 a maund. Roller ginned Bengal deshi Punjab were on offer at Rs 1,125-1,160, Haryana at Rs 1,145-1,180 and Rajasthan at Rs 1,110-1,125 spot.

J-34 saw ginned good average were static at Rs 1,870-1,890 for both Harayana and Rajasthan. However, cart selected goods shed Rs 10. Punjab ruled at Rs 1,950-2,010, Haryana at Rs 1,955-1,960 and Rajasthan at Rs 1,900-1,910.

V-797 at Rs 13,500-13,900, Morabi wagad at Rs 13,100-13,200 and Kalan ginned at Rs 12,600-12,700 a candy were steady. Sanker superior continued to evoke limited buying support at steady levels. Medium ruled at Rs 18,000-19,000 and superior at Rs 19,500-20,500. Scattered interest was noticed in V-797.

80dn roto improves
A steady trend prevailed on the yarn market in viscose(VFY) and nylons.VFY bright cones first quality Century Rayon 150 dn were placed at Rs 193, 120 dn at Rs 205, 100 dn at Rs 213, 75 dn at Rs 253, 40 dn at Rs 428 and 120 dn dull cones at Rs 206 a kg.

Nylon yarn Shreelon 15/1/0 dn were transacted at Rs 300 and 20/1/0 dn at Rs 305. Gujnil 20/1/0 dn ruled at Rs 295, 30/1/0 dn at Rs 320 and 111/24/0 dn at Rs 164.

In polyester yarn, 80 dn roto improved by Rs 2 a kg at Rs 90 on better demand. Other prices ruled unchanged. Polyester yarn grey first quality of medium sized units 80/1,000 dn and 80/1,400 dn were mentioned at Rs 117-118 and at Rs 123-125 respectively.

Grains lacklustre
A dull condition continued on the grains market.

Wheat MP Lokvan medium at Rs 811-855, superior at Rs 925-975, 147 at Rs 900-1,000 and Sarbati in the range of Rs 900-1,300 a quintal were unchanged. Milling wheat were placed at Rs 735-750. FCI decision to offload from its stocks continued to influence the sentiment even though inflow in the local market remained restricted due to below par price.

Rice perimal Punjab medium and superior remained on offer at Rs 1,000-1,200 and at Rs 1,250-1,300 respectively.

Among pulses, moong Myanmar medium ruled at Rs 1,700-1,800 and superior at Rs 1,900-2,000. Thailand moong were quoted at Rs 1,700-1,750. Green peas Rumba/ Heart ruled at Rs 1,200, Canadian at Rs 861 and white peas Canadian at Rs 941.

Gram Australian were placed at Rs 1,600 and Canadian at Rs 1,350. Tur Myanmar old were on offer at Rs 1,375-1,400 and new at Rs 1,500. Kenya tur ruled at Rs 1,600 and Tanzania at Rs 1,650.

Sugar edges up
A steady to slightly better trend prevailed on the sugar market.

Local market prices held steady. M-30 ruled at Rs 1,530-1,565 and S-30 at Rs 1,490-1,527 a quintal, ex-godown. Ex-octroi checkpost, the price ruled at Rs 1,510-1,525 and at Rs 1,480-1,500 respectively.

However, ex-mill prices improved by Rs 5 on better buying support. Tenders for the next month are to commence today for which M-30 was indicated at Rs 1,460-1,470 and S-30 at Rs 1,430-1,440 in Kolhapur line.

Bullion divergent
Prices showed a divergent trend on the bullion market here today as silver improved further moderately on increased industrial buying and gold turned slightly weak on poor local support.

Silver, after a sharply weak start, picked up strength towards the fag-end on good industrial demand and wiped out most of the initial losses.

Ready silver (.999 fineness) started sharply weak at Rs 7965, but recovered smartly and ended at Rs 7980, showing a small gain of Rs 5 over the weekend close of Rs 7975. Raw silver (.916 fineness) and tenderable silver also rose by a similar margin to Rs 7840 and Rs 7985 respectively from the previous close of Rs 7835 and Rs 7980.

In gold, standard gold and 22-carat gold eased by Rs 10 each to close at Rs 4475 and Rs 4140 from the last level of Rs 4485 and Rs 4150 respectively. Ten-tola gold bar (.999 purity) showed a fall of Rs 150 at Rs 52,350 from Rs 52,500. In the global market gold prices dropped from $278.40 to $277.55 per ounce. Silver was quiet at $4.96 per ounce, it was learnt.

In the local market gold was weak on the back of sluggish physical buying coupled with weak overseas advices. However, rally in dollar value against rupee had failed to cheer up the market sentiment amidst limited trading. Silver however looked up owing to lack of ready stock as supplies from bankers as well as Hindustan Zinc remained poor during the day.

Edible oils static
Castor oil and oilseeds showed fresh rise on the oilseeds market here today following emergence of industrial and stockists' buying. Elsewhere, prices of groundnut oil, imported palm oil and linseed moved in a narrow range and closed steady.

Castor oil commercial recovered by Rs 4 due to good demand from soap manufacturers and closed at Rs 345 as against the previous close of Rs 341. Castorseed bold Madras firmed up to Rs 1575 from the last close of Rs 1555 on fresh stockists' support. Linseed oil held steady at Rs 300.In edibles, groundnut oil and imported palmoil showed no change from thier previous close of Rs 405 and Rs 218 respectively.

Turning to the futures market, castorseed September contract started firm at Rs 1542 and shot up to a high of Rs 1552 on heavy stockists' buying. Thereafter, prices reacted down following the emergence of profit-selling and ended at Rs 1538, still showing a rise of Rs 10 over the previous close of Rs 1528. Similarly, October contract also started higher at Rs 1465 and after touching a high of Rs 1466, closed at Rs 1464, disclosing gain of Rs 10 over the last close of Rs 1454.

In castoroil international contract, August delivery held steady at Rs 356, but December delivery eased to Rs 356 from the previous close of Rs 361.

Copyright © 2000 Indian Express Newspapers (Bombay) Ltd.

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