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Punjab cottons drift lower on relentless offerings 

Our Commodity Bureau  
Mumbai, Aug 2: Downward drift continued in Punjab cotton on relentless offerings.

Bengal deshi roller ginned Punjab suffered a fresh loss of Rs 15 to 20 a maund at Rs 1,110-1,140 on spot. Haryana fell from Rs 1,125-1,150 to Rs 1,115-1,120 and Rajasthan from Rs 1,100-1,105 to Rs 1,075-1,090.

J-34 saw ginned good average Haryana at Rs 1,870-1,890 were static, while Rajasthan shed Rs 5 at Rs 1,880-1,885. Cart selected Punjab ruled unchanged at Rs 1,950-2,000 but Haryana at Rs 1,940-1,950 and Rajasthan at Rs 1,890-1,900, shed Rs 10.

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 was also unchanged with medium ruling at Rs 18,000-19,000 and superior at Rs 19,500-20,500.

Yarn steady
A steady condition prevailed in viscose(VFY) and nylons on the yarn market. The trade has heaved a sigh of relief following ending of the weavers' agitation in Surat.

VFY bright cones first quality Century Rayon/ Indian Rayon 150 dn 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 were unchanged.

Satisfactory buying support continued in nylon yarn at steady price level. Shreelon 15/1/0 dn and 20/1/0 dn were transacted at Rs 300 and at Rs 305 respectively. Gujnil 20/1/0 dn ruled at Rs 295, 30/1/0 dn at Rs 320 and 111/24/0 dn at Rs 164.

Sugar firm
A steady to firm condition prevailed on the sugar market following active demand.

M-30 at Rs 1,515-1,535 and S-30 at Rs 1,490-1,500 a quintal ex-octroi checkpost were well held at previously improved levels thanks to satisfactory offtake and firm ex-mill advices. Ex-godown, the price looked up by Rs 5 to 7 at Rs 1,535-1,575 and S-30 at Rs 1,505-1,535.

In tenders, sustained buying support pushed up the price by Rs 10. M-30 were indicated at Rs 1,430-1,475 and S-30 at Rs 1,445-1,450 in Kolhapur line.

Tin moves up
Tin firmed up moderately in a mixed non-ferrous metal market here today. Copper wire bar and nickel also edged up further on persistent demand while copper scrap heavy declined.

Tin shot up by Rs 3 per kg to Rs 375 from Rs 372 on good demand from industries. Nickel moved up by rupee one per kg to close at Rs 524 from Rs 523. Copper wire bar also edged up by rupee one per kg to Rs 139.50 from Rs 138.50.

However, copper scrap heavy fell by rupee one to Rs 123 from Rs 124. Other metals ruled steady.

Silver ends lower
Gold prices ruled firm while silver closed on a weak note on the bullion market here today.

Standard gold placed Rs 10 higher at Rs 4,490 per 10 gm. so was gold .22 carat at Rs 4,155 per 10 gm. in sympathy. Prices of gold biscuit (116.50 gm.) rose by Rs 100 at Rs 52,600 per piece. Physical buying for gold was at a low ebb but tight supplies and rally in dollar value against rupee kept offerings limited. Uptrend in dollar value has pushed import cost upward. In the global market gold however eased by 40 cents at $277.10 per ounce.

Meanwhile silver .999 closed Rs 5 lower at Rs 8,010 per kg. Silver .916 was down by Rs 15 at Rs 7,875 per kg. Industrial demand for silver was sluggish as steady supplies of raw silver from local sources pushed prices downward in the local market. In the international market silver ruled quiet at $4.98 per ounce.

Castor oil improves
Groundnut oil ruled steady at the reduced level on the oil,oilseeds market here today. Castorseed and its oil improved further in the ready delivery while trend was weak in the forward market.

Groundnut oil ruled steady at Rs 405 per 10 kg amidst tight supplies as demand was at a low ebb. In Rajkot prices looked up by Rs 5/10 at Rs 680/685 per 15 kg.

Imported palm oil was quiet at Rs 218 per 10 kg despite weak global advices. Upsurge in dollar value against rupee arrested the fall in the prices owing to rise in the import cost, dealers said. In the global market palm oil declined by $2.50 at $305 per tonne for the nearby delivery while long deliveries were quoted lower at $310/315 per tonne.

Castor oil went up by Rs 4 at Rs 351/363 per 10 kg. Sharp upsurge in dollar value triggered renewed overseas support. Castorseed ready closed Rs 20 up at Rs 1,605 per quintal. In the future section castorseed September delivery closed static at Rs 1,574 per quintal. December delivery declined by Rs 12 at Rs 1,478 per quintal on bull unloading following news of cloudy weather in the producing centers, floor sources said.In the international castor oil future market August delivery remained untraded while October delivery moved up by Rs 6 at Rs 362 per 10 kg. And today 70000/80000 bags of castorseed were reported in Gujarat.

Pulses bearish
A bearish trend continued in pulses on the grains market following increased offerings due to improved supply, coupled with sluggish demand. Wheat and rice ruled quietly steady.

Tur prices lost further Rs 25 a quintal due to unabated offerings caused by poor demand. Myanmar tur old were down to Rs 1,275-1,300 and new to Rs 1,450. Malawi tur found sellers at Rs 1,350-1,400, Kenya at Rs 1,450-1,500 and Tanzania at Rs 1,600.

With the commencement of marketing of new crop, deshi moong in Andhra Pradesh and Karnataka in the price range of Rs 1,900-2,100 ex-producing centres, the interest in imported goods was on the wane. Myanmar medium and superior were on offer at Rs 1,650-1,700 and at Rs 1,800-1,900 respectively.

Thai moong were quoted at Rs 1,625. Urad ready were static at Rs 2,150. Incoming were nominally placed at Rs 2,100 for the proximity of the deshi new crop kept the buyers at bay. Australian gram lost Rs 50 at Rs 1,550-1,575. Cart selected ruled at Rs 1,350.

Copyright © 2000 Indian Express Newspapers (Bombay) Ltd.

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