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Precious metals suffer setback; castor futures spurt 

Our Commodity Bureau  
Mumbai, Aug 5: Gold and silver prices suffered major losses on the bullion market here today.Standard gold dropped by Rs 30 at Rs 4,480 per 10 gm. Gold .22 carat was down by Rs 25 at Rs.4,145 per 10 gm. in sympathy. Prices of gold biscuit (116.50 gm.) crashed by Rs 400 at Rs 52,350 per piece. Physical buying for gold was thin as news of fresh setback in the overseas market triggered renewed offerings in the local market, it was learnt. In the global market gold moved down by $3 at $273.25 per ounce.

Meanwhile silver .999 reacted by Rs 50 at Rs 8,000 per kg. Silver .916 was down by Rs 20 at Rs 7,880 per kg in symapthy. Industrial demand for silver was at a low ebb. Continued supplies of raw silver from local sources coupled with weak global advices depressed silver prices here. In the international market silver eased from $4.98 to $4.93 per ounce.

G'nut oil static
Groundnut oil maintained at the reduced level on the oil,oilseeds market here today. Castorseed and its oil however extended recovery as recent spurt in dollar value against rupee triggered fresh overseas enquiries, dealers said.Groundnut oil ruled quiet at Rs 405 per 10 kg. amidst thin buying interest followed by poor supplies. In Rajkot it was steady at Rs 675/680 per 15 kg.Imported palm oil closed Rs 2 lower at Rs 215 per 10 kg. In the wake of weak global advices arrivals were abundant at Indian ports and palm oil placed lower at $300 per tonne for nearby delivery.Castor oil looked up by Rs 2 at Rs 354/366 per 10 kg. Castorseed ready were up by Rs 10 at Rs 1,620 per quintal in sympathy.In the future section castorseed September delivery shot up from Rs 1,567 to Rs 1,582 and December delivery from Rs 1,472 to Rs 1,495 per quintal. In the international castor oil future market October delivery rose by Rs 4 at Rs 366 per 10 kg. August delivery however remained untraded.

In Ahmedabad castorseed September delivery placed firm at Rs 1,571 and December delivery at Rs 1,503.50 per quintal. Traders placed arrivals of 7000/8000 bags of castor oil in Gujarat today and delay in the second round of rain in Gujarat and Saurashtra region kept the undercurrent of the market firm at the close of the session today.

Urad rallies
Weak rupee against dollar brought some relief to the sagging imported pulses' values on the grains market.Urad Myanmar rallied by Rs 75 a quintal on reserved selling. Ready were up at Rs 2,250 and incoming at Rs 2,200. Selling pressure has also somewhat abated in other pulses, helping the prices to hold the ground.

Tur Myanmar old and new ruled at Rs 1,275-1,300 and at Rs 1,450 respectively. Malawi tur were quoted at Rs 1,350-1,400, Kenya at Rs 1,450-1,500 and Tanzania at Rs 1,600. Moong Myanmar medium and superior were traded at Rs 1,650-1,700 and at Rs 1,800-1,900 respectively.Wheat and rice ruled static.

Yarn steady
A quietly steady trend prevailed on the yarn market.Nylon yarn Shreelon 15/1/0 dn ruled at Rs 300 and 20/1/0 dn at Rs 305 a kg. Gujnil 20/1/0 dn were placed at Rs 295, 30/1/0 dn at Rs 320 and 111/24/0 dn at Rs 164.Viscose filament yarn bright cones first quality of Century Rayon 150 dn were on offer 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.Sugar rises
Sugar market exhibited firm trend on active buying support in the wake of the coming festivals.Price registered an all round rise of Rs 10 a quintal. M-30 went up to Rs 1,525-1,540 and S-30 at Rs 1,500-1,515 ex-octroi checkpost. Ex-godown, the prices went up to Rs 1535-1570 and Rs 1512-1540 respectively. In tenders, M-30 were indicated at Rs 1,470-1,490 and S-30 at Rs 1,450-1,460 in Kolhapur line.

Cotton subdued
A dull to subdued trend prevailed on the cotton market. Activity was thin.J-34 saw ginned good average ruled at Rs 1,860-1,890 and cart selected at Rs 1,890-2,000 a maund spot. Bengal deshi roller ginned were quoted at Rs 1,080-1,140. New crop October delivery J-34 saw ginned good average Haryana ruled at Rs 1,725-1,730 and Rajasthan at Rs 1,700-1,710. Bengal deshi roller ginned were placed at Rs 1,100-1,110 and at Rs 1,090-1,100 respectively.V-797 ruled at Rs 13,400-13,800, Morabi wagad at Rs 13,000-13,100, Kalan ginned at Rs 12,500-12,600 a candy were subdued. Sanker ruled static in the range of Rs 18,000-20,500.

MP LRA new Sendhva ruled at Rs 19,500-19,700 and Bijapur at Rs 20,500-20,700.Meanwhile, Maharashtra federation would start receiving offers from Monday after it has cut the price by Rs 400 a candy, about four days ago. The federation is reportedly nursing an unsold stock of over 15 lakh bales.Delhi
Professional bulls of Unjha mandi pushed up zeera Ganesh prices from Rs 1900 to Rs 1985 per 20 kg as exporters were enjoying the benefit of the firm dollar in the forex, consequently, zeera, at the Delhi spices market recorded a sharp rise of Rs 600-800 at Rs 9700-12,000 a quintal.Dry mango Nizamabadi showed an alarming rise of Rs 500-1000 at Rs 4500-10,000 a quintal due to fall in mango output while cardamom brown slipped by Rs 5 a kg in the wake of better crop prospects. Cloves improved by Rs 2 a kg while inferior ajwain of Vikarabad and Nandurbar crashed by Rs 300-400 at Rs 3100 and Rs 3600 a quintal, respectively.

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