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Our Commodity Bureau
Mumbai, Sept 18: Gold and silver prices recovered from the reduced level on the bullion market here today. Standard gold moved up by Rs 25 to Rs 4,245 per 10 gm. Gold .22 carat rose by Rs 20 to Rs 3,925 per 10 gm. in sympathy. Prices of gold biscuit (116.50 gm.) hardened by Rs 400 to Rs 50,000 per piece. Fresh festival demand pushed gold upward while eased supplies, firm trend in dollar value against rupee and bullish world prices kept offerings limited. In the global market gold placed firm at $ 292.35 before reacting to $290.45 per ounce.
Silver .999 gained by Rs 35 to Rs 7,535 per kg. In the ready section silver .916 rose by Rs 45 to Rs 7,395 per kg. Fresh industrial and seasonal demand influenced the white metal to bounce back. Delhi and overseas advices remained firm. In the global market silver opened higher at $5.01 before settling lower at $4.99 per ounce.
Castorseed further down
Groundnut oil ruled steady at the improved level on the oil,oilseeds market here today. Castorseed and its oileased in the ready delivery and prices recovered in the forward delivery.
Groundnut oil maintained at the higher level of Rs 595 per 10 kg. Sluggish buying interest in the wake of thin supplies helped prices to consolidate gains, according to dealers. In Rajkot groundnut oil quoted at Rs 870 per 15 kg.
Imported palm oil edged up by Rs 2 to Rs 388 per 10 kg exclusive of tax. In the global market October delivery climbed to $735 per tonne and November and December deliveries were quoted at $705 per quintal.
Castor oil dropped by Rs 10 to Rs 465/477 per 10 kg amidst sluggish export demand while brightened prospects of new crop prompted fresh unloading by stockists. Castorseed ready also dropped by Rs 48 to Rs 2130/2136 per quintal in sympathy.
In the futures section castorseed December delivery opened firm at Rs 1,836 as against Rs 1,815, to close the day at Rs 1,827.50 per quintal as short covering at the lower level lifted prices upward, according to floor sources. Maturing September delivery remainabsent from trading.
Sugar subdued
A dull-to-slightly subdued trend prevailed on the sugar market as the activity remained slack.
M-30 at Rs 1430-1495 and S-30 at Rs 1403-1420 a quintal ex-godown were static. Ex-octroi checkpost, M-30 were easy by Rs 5 at Rs 1410-1420 while S-30 ruled unchanged at Rs 1390-1400
In tenders, M-30 at Rs 1370-1375 and S-30 at Rs 1350-1360 in Kolhapur line held steady.
Cotton moves narrowly
Activity was restricted and prices moved in a narrow range on the cotton market. Undertone was easy in the forward section.
V-797 ruled at Rs 15,200-15,600, Morbi wagad at Rs 14,800-15,100 and kala ginned at Rs 14,300-14,400 a candy spot. Sanker ruled in the range of Rs 18,500-22,000.
In Punjab zone, in the ready segment prices ruled better due to cloudy weather. Bengal deshi were placed at Rs 1500-1510, J-34 saw-ginned good average at Rs 1710-1750 and cart- selected at Rs 1875-1950 a maund.
In forward Bengal deshi September were placed atRs 1450-1460, October Punjab ruled at Rs 1360-1380 and November Haryana at Rs 1275-1280.
J-34 saw -ginned good average October ruled at Rs 1710-1715 and November at Rs 1705-1710. Cart selected November were placed at Rs 1820-1840.
Milling wheat up
A steady-to-slightly better trend prevailed on the grains market as the arrivals were affected due to rains.
Wheat milling were up by Rs 5 a quintal at Rs 690-695. Undertone in other wheat was also somewhat better. Saurashtra lokvan were sought after at Rs 775-825 and north Gujarat at Rs 735-825.
Rice were maintained. Gujarat-17 ruled at Rs 1600-1700. AP kattar rice were traded at Rs 1100-1150.
Among pulses, tur Myanmar 1998 and 1997 were in demand at Rs 2100 and at Rs 2025 respectively. Green peas USA were on offer at Rs 1650 and Canadian at Rs 1050-1060. White peas Canadian ready found sellers at Rs 975-1000 and October shipments at Rs 875. Australian gram ruled at Rs 1375-1400. Rajma chitra deshi were traded at Rs 2500 and red imported at Rs2200.
Yarn
Although the market remained open, trading continued to be at a standstill as the main consuming centres Surat and Bhiwandi were yet to recover from the flood damage.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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