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Falling rupee spurs imported pulses; g'nut oil weak 

Our Commodity Bureau  
Mumbai, Aug 8: Unabated fall in rupee exchange rate against U.S. dollar imparted fresh strength to the sagging values of imported pulses on the grains market.

The increased landed cost resulting from weak rupee had turned stockists reserved sellers in most of the items of the imported pulses, pushing up the prices in the process notwithstanding restricted buying support.

Among the important gainers were Kabuli gram, A-2, whose quotations shot upby Rs 200 a quintal at Rs 3,900 for Mexico and at Rs 3,700 for USA/ Canada. B-2 were up by Rs 100. Canada were in demand at Rs 3,200-3,300 and Turkey/ Iran at Rs 3,000. C-2 at Rs 2,200-2,600 and natural at Rs 2,800-2,900 were well held. Australian gram rose by Rs 100 at Rs 1,675. Canada were steady at Rs 1,341. Green peas Canada rallied by Rs 20 at Rs 871.

Urad Myanmar ready shot up further from Rs 2,250-2,375. Deals for incoming goods have completely halted following high volatility of rupee. Tur Myanmar old at Rs 1,300-1,350 and new at Rs 1,475 were up by Rs 25. Kenyan netted Rs 75 at Rs 1,525. Moong also were up by Rs 25 to 50. Myanmar medium ruled at Rs 1,675-1,750 and superior at Rs 1,800-1,900. Thailand moong rose to Rs 1,600-1,675.

Wheat and rice ruled steady.

Gujarat cottons gain
A better trend was in evidence in Gujarat cotton following lack of rains in producing centres.

Gaining by Rs 100 a candy, V-797 ruled at Rs 13,600-13,900, Morabi wagad at Rs 13,200-13,300 and Kalan ginned at Rs 12,700-12,800 spot. Sanker held steady in the range of Rs 18,000-20,500. New MP Sendhva LRA were placed at Rs 19,300-19,500 and Bijapur at Rs 20,500-20,700.

In Punjab zone, J-34 saw ginned good average ruled at Rs 1,880-1,900, cart selected in the range of Rs 1,940-2,010 and Bengal deshi roller ginned Rs 1,080-1,140 a maund. New crop October delivery rates were up by Rs 10. J-34 saw ginned good average Haryana were placed at Rs 1,735-1,745 and Rajasthan at Rs 1,700-1,710. Bengal deshi roller ginned were mentioned at Rs 1,120-1,125 and at Rs 1,110-1,115 respectively.

Bullion advances
Gold and silver prices extended gains on the bullion market here today. Standard gold closed Rs 10 up at Rs 4,510 so was gold .22 carat at Rs 4,170 per 10 gm. Prices of gold biscuit (116.50 gm.) hardened by Rs.52,850 per piece. Brisk seasonal buying ahead of festival season pushed prices upward while tight supplies coupled with renewed spurt in dollar value against rupee aided by recovery in the global prices kept offerings at a low ebb, dealers said.

In the global market gold looked up from $273.55 to $274.35 per ounce. Dollar prices in the domestic market lifted from Rs 45.56 to Rs. 45.74, it was gathered.

Silver .999 advanced sharply by Rs 45 at Rs 8,060 per kg. Silver .916 was hardened by Rs 30 at Rs 7,910 per kg in sympathy. Industrial buying was low but traders reported volume of trading around 240/250 kg of silver during the day amidst stray festival buying. Lack of ready stock, upsurge in dollar prices and encouraging overseas advices attributed to gain fresh ground in the local market, it was learnt. In the international market silver looked up from $4.92 to $4.95 per ounce.

G'nut oil slides
Groundnut oil ruled weak on the oil,oilseeds market here today. Castoreed and its oil however suffered fresh losses at improved level as withdrawal of overseas buying triggered unloading by stockists and millers out of the stockpile of old crop, dealers said.

Groundnut oil slid by Rs 2 to Rs 400 per 10 kg. amidst lower than expected festival buying. In Rajkot it was steady at Rs 680/685 per 15 kg.

Availability of other edible oil at cheaper prices had led to poor buying interest for groundnut oil, one broker added.

Meanwhile imported palm oil edged up by a rupee to Rs 218 per 10 kg. Renewed rally in dollar value which lifted import cost upward, but in the global market palm oil reacted by $2.50 at $302.50 per tonne for nearby delivery.

Long deliveries were available at $307.50/312.50 per tonne. Castor oil on the other hand eased by Rs 3 at Rs 351/363 per 10 kg. Castorseed ready closed Rs 15 lower at Rs 1,605 per quintal.

In the future section castorseed September delivery declined from Rs 1,580 to Rs.1,573 and December delivery placed at Rs Rs 1,470 ( Rs.1,490) on fresh bear selling, floor sources said. In the international castor oil future market August delivery remained untraded while October delivery closed Rs 2 lower at Rs 364 per 10 kg. In Ahmedabad castoreed September delivery declined to Rs 1,538 and December delivery reacted to Rs 1,472 per quintal. Fresh inflow of castorseed in Gujarat were placed at 6000/7000 bags.

Copyright © 2000 Indian Express Newspapers (Bombay) Ltd.

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