Groundnut oil fell from Rs 500 to Rs 493 per 10 kg on unloading by stockists following reduction in the import duty by union government. Imported palm oil nose-dived to Rs 365/366 per 10 kg on hectic selling by local importers in the wake of reduction in the import duty coupled with hectic inflow at Mumbai port.

Palm oil prices were quoted higher at Rs 384/385 per 10 kg earlier before the revision in the import duty. Castor oil closed Rs 3 higher at Rs 343/355 per 10 kg on fresh short covering by shippers on the back of overseas enquiries. Castorseed ready rose by Rs 14 to Rs 1,544/1,550 per quintal in sympathy.

In the futures section castorseed September delivery moved up by Rs 2.50 to Rs 1449.50 per quintal on steady bull interest mirroring rally in the Ahmedabad market. In Ahmedabad September delivery placed at Rs 1548 per quintal.

In Gujarat castorseed readydelivery quoted at Rs.332 while castor oil rose to Rs 315 per 10 kg. Arrivals of castorseed in the Gujarat region dropped to 10000 bags.

Sugar reacts

Sugar reacted on demand turning slack.

Losing Rs 5 a quintal M-30 were on offer at Rs 1485-1530 and S-30 at Rs 1460-1485 ex-godown. Ex-octroi checkpost, M-30 were on offer at Rs 1465-1475 and S-30 at Rs 1445-1455.

There were no tenders as all the quantity for the current fortnight has been sold, averred trade sources.

Dubai sugar was unchanged at Rs 1430 plus tax.

Bullion further down

Gold and silver extended losses on the bullion market here today. Standard gold slid by Rs 5 to Rs 4,240 per 10 gm. Gold .22 carat held at Rs 3,925 per 10 gm. Prices of gold biscuit (116.50 gm.) eased by Rs 100 to Rs 49,900 per piece. Demand was dull while steady local supplies and weak trend in the global market triggered fresh selling.

In the overseas market gold declined to $290.50/291 per ounce in the wake of losses in the value of currency ofSouth Africa against dollar. In the city market traders reported steady supplies of local gold released against matured gold bond. However supplies of imported gold remained at a low ebb.

Silver .999 declined by Rs 30 to Rs 7,990 per kg. Silver .916 moved down by Rs 50 to Rs 7,855 per kg. Industrial demand was dull while steady inflow of raw silver from the local sources coupled with weak Delhi and overseas advices put pressure on the prices. In Delhi silver ready delivery slipped to Rs 7,980 and forward delivery was finished lower at Rs 7,960 per kg. In the global market silver was subdued at $5.30/5.31 per ounce.

Tur, urad firm up

Tur and urad firmed up afresh while milling wheat price softened up on the grains market.

Tur Myanmar at 1998 at Rs 2075-2100, 1997 at Rs 1975-2000 and urad at Rs 1271 a quintal were up by Rs 25 on sustained buying support. However, green peas Canadian eased by Rs 20 at Rs 1191-1200 on increased offerings. Green peas USA at Rs 1700 and white peas Canadian at Rs 1151were maintained.

Moong Myanmar were on offer in the range of Rs 1925-2050. Australian gram ruled steady at Rs 1400. Kabuli gram A-2 Mexican were placed at Rs 3200, Iranian at Rs 2900, B-2 at Rs 2550-2700 and C-2 at Rs 1600.

Rajma chitra deshi and imported continued to be traded at Rs 2800 and at Rs 2600 respectively. Red rajma imported were on offer at Rs 2025-2050Milling wheat price reacted by Rs 20 a quintal at Rs 710 on roller-flour mills turning wary at higher level. Other wheat and rice ruled steady.

Cotton listless

A steady trend continued on the cotton market. Activity was restricted.V-797 ruled at Rs 16,100-16,400, Morbi wagad at Rs 15,800-15,900 and kala-ginned at Rs 15,300 a candy spot. Sanker ruled in the range of Rs 19,000-23,000. Punjab cotton were also unchanged.

Yarn improves

Polyester yarn improved further on the yarn market.

Following change in the sentiment due to production having been affected in two leading spinners' plants the price of polyester yarn 80dnimproved further by Rs 2 a kg. Grey first quality of medium-sized units 80dn rotoset rose to Rs 90, micro rotoset to Rs 110, weft to Rs 86-87 and warp to Rs 96-97. In a sympathatic effect 150dn price was also placed higher by a rupee. Thus, 150dn weft ruled at Rs 66-68, warp at Rs 77-78, single rotoset at Rs 72-73 and double rotoset at Rs 73-74.