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Wednesday, June 24, 1998

Cotton prices continue to rise; oils turn weak 

OUR COMMODITY BUREAU  
Mumbai, June 23: Gujarat cotton price continued an upward march on buying support in the face of limited supply. Maharashtra federation has hiked the prices by Rs 200 to 300 a candy.

Gaining Rs 100 a candy V-797 were up at Rs 16,400-16,600, Morbi wagad at Rs 16,000 and kala-ginned at Rs 15,700-15,800 spot. Sanker were up by Rs 500 at Rs 19,000-23,000.

Bengal Deshi at Rs 1630-1680, J-34 saw-ginned good average at Rs 2050-2150 and cart-selected at Rs 2200-2250 a maund were maintained.

Meanwhile, the Maharashtra federation has hiked the price by Rs 300 a candy in AHH/NHH/DHY and by Rs 200 in LRA, H-4 and DCH-32. There has not been any change in the low-priced goods, it was learnt. The federation has sold further 16,000 bales to the Ahmedabad-based textile group and has sent counteroffers to two textile units at the new price for a total quantity of 21,000 bales. It has also sold fresh quantity of 23,000 bales in exports, making a total of 75,000 bales.

Pulses firm up

A firm trend was in evidencein imported pulses on the grains market in the wake of persistant dip in rupee exchange rate.

Kabuli gram hardened by Rs 100 a quintal. A-2 Mexican rose to Rs 3000-3100, Iranian to Rs 2600-2800 and B-2 to Rs 2400-2500. C-2 gained Rs 50 at Rs 1550-1600. Rajma shot up by Rs 200 to 250. Deshi were up at Rs 3000-3050 and imported at Rs 2800-2900. Red rajma imported were up by Rs 100 at Rs 2150.

Tur Myanmar 1998 at Rs 2000-2011, 1997 at Rs 1950 and moong at Rs 1950-2050 were up by Rs 25. Urad Myanmar netted gains of Rs 40 at Rs 1261.

Green peas USA at Rs 1675-1700 were steady but Canadian imporved by Rs 10 at Rs 1231-1241. White peas Canadian also moved up from Rs 1075 to Rs 1100. Australian gram were steady at Rs 1150-1175.

Sugar looks up

A steady-to-slightly better trend prevailed on the sugar market following improved buying support.

Indigenous sugar price looked up by Rs 5 a quintal. M-30 were placed at Rs 1470-1505 and S-30 at Rs 1450-1463 ex-godown. Ex-octroi checkpost, M-30 ruled at Rs1455-1465 and S-30 at Rs 1435-1445.

In tenders also with similar improvement M-30 rose to Rs 1420-1425 and S-30 to Rs 1400-1410 in Kolhapur line.

Imported sugar ruled steady. Pakistani were quoted at Rs 1425 and EEC at Rs 1423 plus tax.

Silver ends higher

Gold prices ruled steady in a narrow band while silver extended gains on the bullion market here today.

Standard gold maintained at Rs 4,275 per 10 gm so was gold .22 carat at Rs 3,955 per 10 gm. Prices of gold biscuit (116.50 gm.) remained unchanged at Rs 50,200 per piece. Physical demand for gold was sluggish. However restricted inflow followed by uptrend in dollar value attributed to rise to consolidate recent gains, according to traders. In the global market gold placed at $295/295.50 per ounce.

Silver .999 moved in both ways and closed Rs 5 higher at Rs 7,905 per kg. Silver .916 finished Rs 25 up at Rs 7,800 per kg in sympathy. Industrial demand for silver was dull but according to traders speculative buying amidst thin supplies,rally in dollar value coupled with sharp setback in the stock markets influenced the uptrend. In the global market silver placed at $5.35/5.36 per ounce.

Oils turn weak

Easy trend continued on the oil,oilseeds market here today. Castorseed and its oil also lost gained ground as higher prices attracted profit-taking.

Groundnut oil reacted by Rs 2 at Rs 468 per 10 kg amidst sluggish demand while continued arrivals of imported edible oil prompted fresh selling. In Rajkot it was steady at Rs 700 per 15 kg.

Imported palm oil dropped by Rs 2 to Rs 376 per 10 kg exclusive of tax on renewed supplies coupled with weak global advices. In the overseas market palm oil eased to $610 per tonne for July delilvery while long deliveries were quoted lower at $595/605 per tonne, it was learnt.

Castor oil edged down by a rupee to Rs 323/335 per 10 kg. Castorseed ready declined by Rs 5 to Rs 1448/1454 per quintal nominally in sympathy.

In the futures section castorseed September delivery reacted from Rs 1435 toRs 1427.50 before closing at Rs 1429 per quintal on bull liquidation at higher level. In Ahmedabad September delivery declined to Rs 1,433 per quintal as bulls remained active sellers following introduction of margin by Exchange authorities.

80dn rotoset improves

Polyester 80dn rotoset yarn ruled slightly better on the yarn market. Elsewhere, a quietly steady condition continued.

Somewhat reduced offerings at very low level caused a rally of Rs 2 a kg in the price of 80dn rotoset yarn. Grey first quality of medium-sized units were quoted at Rs 86-87 and micro rotoset at Rs 100-101.

However, with slack condition continuing in the fabrics market the undertone remained subdued. 80dn weft ruled at Rs 80 and warp at Rs 90. 80/1000dn were traded at Rs 110. 80/1400dn were placed at Rs 120.

Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.


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