MUMBAI, Feb 12: Silver prices reacted sharply by Rs 50 on the bullion market here today due to poor demand coupled with weak overseas advices.Gold prices, however remained unchanged owing to moderate buying interest.
Ready silver .999 fineness opened weak at RS 8,655 but improved before concluding at Rs 8,688, still notable lower from the last close of Rs 8,730 per kg.
Raw silver of .916 fineness fell by Rs 70 to Rs 8,540 from Rs 8,610 per kg. Silver tenderable dropped by Rs 50 to Rs 8,685 as against Rs 8,735 previously.
Standard gold placed at Rs 4,000 per 10 kg. Gold .22 closed at Rs 3,700 per 10 gm. in same fashion. Gold biscuit (116.50 gm.) remained steady at Rs 46,800 per piece.
According to reports Mumbai customs department has sold about 300/400 pieces of gold biscuit today but it had little impact on the gold prices due to increased physical demand for the ongoing wedding season.
In the global market gold placed at $300 while silver closed at $7.01 per an ouncerespectively.
Oilseeds, oils up
Castorseed futures shot up sharply on heavy shortcovering by shippers, traders said.
Elsewhere, prices of groundnut oil continued to rise on higher Gujarat advices coupled with poor supply and fresh seasonal buying. Palm oil prices also improved on sluggish arrivals.
In the futures market, castorseed March contract opened slightly better at Rs 1220 and rose sharply to close at Rs 1227, showing a good gain of Rs 7.50 over the last close of Rs 1219.50. June contract also resumed steeply higher at Rs 1268 and rose further sharply to end at Rs 1276, disclosing a big gain of Rs 16.50 over yesterday's close of Rs 1259.50.
In the edible section, groundnut oil rose by Rs 2 and settled at Rs 369 as against the last close of Rs 367. Groundnut bold remained unchanged at Rs 1950. Palm oil edged up to Rs 311 from Rs 310.
In the non-edible section, however, castor oil commercial at Rs 278, castorseed Madras at Rs 1238, linseed oil at Rs 330 and linseed bold at Rs 1300remained unaltered from the previous closing.
Yarn improves
On sustained buying support popular deniers of polyester yarn registered fresh gains.
This has enabled Reliance Industries Ltd (RIL) to jack up the price of the market leader rotoset yarn.
Demand improved further in 80dn yarn. This had pushed up the price by Rs 2 to 3 a kg afresh. Grey first quality of medium-sized units 80dn rotoset rose to Rs 90-91, micro rotoset to Rs 91-92 and weft to Rs 78-80. 80/1000dn at Rs 123-125 and 80/1400dn at Rs 130-132 were also placed higher by Rs 2.
150dn ruled steady. Weft were traded at Rs 63-64 and warp at Rs 73-74. Single rotoset and double rotoset were placed at Rs 70 and at Rs 71-72 respectively.
Cotton better
A steady-to-slightly better trend prevailed on the cotton market.
On continued reserved selling Bengal Deshi price looked up by Rs 10 a maund at Rs 1510-1550 spot. J-34 saw-ginned good average at Rs 2005-2050, cart-selected at Rs 2125-2150 and F-414 at Rs 2180-2200 weresteady.However, late reports suggested prices turning shaky at higher levels as the mill demand remained very sluggish following disconcerting situation in the yarn and fabrics business both domestic and exports.
In Sanker about 900 bales equivalents were done in loose form at Rs 1157-1175 per 20 kgs in Manavadar.
Bales Botad were placed at Rs 21,000-21,200, Kadi at Rs 21,300-21,500 amd Manavadar at Rs 21,500-21,700 a candy,up by Rs 100 t0 200. V-797 ready at Rs 16,000-16,200 and March/April delivery at Rs 15,600-15,700 were steady.
Grains steady
A steady condition was in evidence on the grains market. Activity was restricted.
Green peas USA were on offer at Rs 1600-1650 a quintal. Hungarian Rondo were placed at Rs 1500 while Canadian green and white peas were traded at Rs 1251 and at Rs 1051 respectively.
Tur Myanmar 1998 ruled at Rs 1650-1675, 1997 at Rs 1550 and 1996 at Rs 1500. Australian gram were quoted at Rs 1625. Kabuli gram A-2 were mentioned at Rs 2050, B-2 at Rs 1850 and C-2 atRs 1550-1600.
Among cereals, wheat milling Khopoli delivery were placed at Rs 715-721 and Thane delivery at Rs 701-711 a quintal. Wheat Ganganagar ruled at Rs 735-775, north Gujarat at Rs 711-750, Maharashtra at Rs 700-800, MP 147 at Rs 725-800 and Sarbati at Rs 900-1300. New wheat Saurashtra Lokvan were placed at Rs 800-850 and SW at Rs 850-900.
Rice SLO ruled at Rs 900-950 and Permal at Rs 850-950.
Sugar down
An easy condition was in evidence in indigenous material on the sugar market on slack demand.
Losing Rs 5 a quintal M-30 were placed at Rs 1465-1545 and S-30 at Rs 1450-1485 ex-godown. Ex-octroi checkpost, M-30 were down to Rs 1450-1460 and S-30 to Rs 1430-1445.
Imported sugar ruled static. Brazilian white were traded at Rs 1365 and off colour at Rs 1345. South African and French sugar fetched Rs 1380 and Rs 1390 respectively.
As all the quota for the fortnight having been sold there were no tenders from the mills. Delivery orders of S-30 were traded at Rs 1395-1400 in Kolhapurline.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
