In the chemical markets, traders said, there was a sudden disappearance of phenol stock due to non-availability of cumene feedstock. This condition will continue till cummene is available. Melamine, currently ruling at Rs 55 per kg plus tax, is seen to harden by Rs 5 per kg by next week due to rising demand.

Sugar, grains and edible oils market moved in a narrow band, while both copper wire bar and brass utensils declined moderately on the non-ferrous metal market in Mumbai on lack of demand. Brass utensils scrap and zinc also eased due to poor offtake.

Bullion Gold prices rallied by Rs 30 per ten gm to Rs 4,555 due to heavy festive demand and firm overseas advices also boosted the sentiment. Silver also registered handsome gains. Gold, however, closed lower towards the end.

The steep rally in gold was also attributed to the sharp rise in the global prices as in Hong Kong, the yellow metal shot up to $272.90/273.40 per troy ounce from Tuesday's close of $269.40/269.90 an ounce on heavy stockists' buying. The 10-tola (TT) gold bar (.999 purity) zoomed up by Rs 500 to Rs 53,200 from the previous close of Rs 52,700.

Chemicals It was an almost opposite trend in the chemicals market which traders said witnessed poor demand, especially a range of petrochemicals which were priced higher because of the recent hike in crude prices. In others, the movement was seen steady. Most of the chemical prices are moving in a narrow range.

Cotton Arrivals were 11,000 bales of J-34 and 5,000 bales of Bengal deshi. Punjab cotton rallied by Rs 5 to 10 a maund on stray inquiries. J-34 ginned good average was placed at Rs 1,710-1,805 spot. Cart selected Punjab and Haryana was quoted at Rs 1,825 and at Rs 1,775-1,780, respectively. J-34 ginned good average whole of November Rajasthan ruled at Rs 1,680-1,690.

Bengal deshi roller ginned Punjab ruled at Rs 1,010-1,050, Haryana at Rs 1,060-1,065 and Rajasthan at Rs 1,020-1,045. Yarns Polyesters strengthened on Wednesday on the Mumbai yarn market after extremely sluggish demand. Very shortly, this may force the spinners to review their recent price hike, averred trade sources. With the fabrics market continuing to be in doldrums, the polyester yarn offtake remained poor. This, coupled with acute monetary tightness, knocked out further Rs 2 to 3 a kg in 80 dn and Re 1 to Rs 2 in 150 dn. This has created distinct possibility of the spinners rolling back the recent price hike.

Edible oils
Barring a moderate fall in imported RBD palmolein, prices more or less moved in a narrow range on the oils and oilseeds market on Wednesday due to restricted activity and held steady. RBD palmolein slipped by Rs 2 to Rs 190 due to a fall in the overseas prices. Groundnut oil held steady at Rs 380.

RBD palmolein futures, November delivery contract, eased to Rs 189 (Rs 192) due to poor overseas demand.