Mumbai: Groundnut oil reacted on the oil,oilseeds market here today. Castorseed and its oil too eased on account of lower than expected overseas demand.

Groundnut oil placed a rupee lower at Rs 370 per 10 kg. Demand was sluggish but supplies were scattered due to ongoing strike by truckers, it was learnt. In Rajkot prices ruled quiet at Rs 600/602 per 15 kg.

Imported palm oil looked up by a rupee at Rs 203 per 10 kg on stray physical demand ahead of Diwali festival. In the global market prices remained unchanged at $365 per tonne for the nearby delivery and at $370/375 per tonne for the long delivery, it was learnt.

Castor oil finished Rs 2 lower at Rs 373/385 per 10 kg. Castorseed ready were down by Rs 10 at Rs 1709/1715 per quintal.

In the future section castorseed December delivery declined sharply from Rs 1,748 toRs 1,715, finally settled down at Rs 1,718 per quintal on fresh bull liquidation. In Ahmedabad prices closed lower at Rs 1,699 and in Rajkot it was quoted at Rs 1,703 per quintal.

In the international castor oil future market December delivery slid by Rs 2 at Rs 383 and February delivery by same margin at Rs 388 per 10 kg.

Arhar moves up

In lack-lustre trading, prices on the local grains and pulses market showed narrow movements on Wednesday.

In the absence of arrivals from M.P., Maharashtra etc. coupled with strong demand from dal millers, arhar flared up from Rs.1750/2050 to Rs. 1800/2125 a quintal. On withdrawal of strike by the truck operators in Eastern India, demand in arhar dal from West Bengal and Eastern Indian was reported strong. Prices of other pulses revealed a firm tendency as green vegetables prices were ruling higher.

Gold dips

Both the precious metals, on the Delhi bullion market lost their shine on Wednesday.

In the wake of speculative buying and selling in London and South East Asian countries, gold in London fell from $302.40 to $295 an ounce, but improved to $297.40 an ounce on Tuesday. Prices having dipped to $288 on Wednesday improved to $292 an ounce at noon. Consequently, gold biscuit and standard mint gold fell from Rs 4615 and Rs 4625 to Rs 4530 and Rs 4560 per 10 gram respectively and gold sovereign fell sharply by Rs 50 to Rs 3850-3900 per 8 gram.

New York silver future slipped to 527 cents to 523 cents an ounce coupled with inflow of about 5000 kgs. imported silver on Tuesday, as a result, spot silver .999 fineness fell from Rs 7970 to Rs 7935 a kg. and silver weekly delivery, on unloading by the bulls was down by Rs 30 at Rs 7935 a kg. Silver coins remained unaltered at Rs 11200-11300 per 100 pieces.

Mumbai: Both the precious metals sharply depressed amidst panic driven selling by stockists and bankers marked trading on the bullion market here today. Standard gold dropped by Rs 110 to Rs 4,550 per 10 gm. while gold .22 carat slipped by Rs 100 to Rs 4,210 per 10 gm. in sympathy. Prices of gold biscuit (116.50 gm.) crashed by Rs 1000 at Rs 53,400 per piece.

Seasonal buyers were stayed away in the falling market while steady local supplies and setback in the global prices put fresh pressure on the local market, according to dealers.. Besides rumours of fresh enquiries by department of Revenue Intelligence in the leading bullion shops also weakened the sentiment considerably, according to a dealer.

Meanwhile silver .999 moved down by Rs 55 at Rs 8,145 per kg. Silver .916 was down by Rs 30 at Rs 8,040 per kg. Industrial and festival demand for silver was at a low ebb as steady supplies, weak Delhi and overseas advices prompted renewed selling pressure on the local market. In the overseas market the white metal slid from $5.27 to $5.20/5.21 per ounce.

Zeera rises

Zeera Ganesh flared up by Rs 200 at Rs 7600 a quintal as October delivery deals by the speculators are likely to be settled at higher rates.