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Wednesday, October 7, 1998

Pulses flare up again; precious metals decline 

Our Bureau/Agencies  
MUMBAI, Oct 6: Pulses flared up again on the grains market following rains in the producing centres.

The recent rains having caused damage as also delaying the marketing of the deshi crop the stockists of the pulses turned very reserved, pushing up the price sharply in most of the cases. Zooming up by Rs 100 to 150 quintal tur Mynamar 98 were up at Rs 2300-2350, at Rs 2225-2250 and Kenya at Rs 2325. Likewise, rajma chitra deshi rose to Rs 2300-2400 adn red rajma imported to Rs 2100. Urad Mynamar skyrocketed from Rs 1525 to Rs 1750.

Moong Mynamar at Rs 1700-1750, deshi Moglai at Rs 1650, Chamki at Rs 1800-1900 and Chinai at Rs 2200-2300 were well-held. Australian gram ruled steady at Rs 1400. Kabuli A-2 were steady in the range of Rs 3200-3500. However, B-2 at Rs 2700-2800 and C-2 at Rs 2400-2450 were up by Rs 75 to 100.

Green peas USA were unchanged at Rs 1600. But Canadian moved up from Rs 1025 to Rs 1041. White peas Canadian hardened by about Rs 50. Ready were placed at Rs 941 and incoming at Rs925.

Wheat and rice ruled steady. Wheat milling were placed at Rs 711-715, north Gujarat Tukadi at Rs 765-825 and 496 at Rs 825-900. Rice Gujarat-17 were sought after at Rs 1600-1700.

Bengal Deshi eases

An easy trend forged further ahead in Bengal deshi on the cotton market. Other cottons ruled quietly steady. With the arrivals in Punjab zone rising to 4000 bales of Bengal deshi and 1500 bales of J-34, coupled with slack demand the price of Bengal deshi lost Rs 20 to 25 a maund. October ruled at Rs 1280-1290, and November at Rs 1260-1275 spot. Ready were quoted in the range of Rs 1290-1350.

J-34 ruled quietly steady. Good average saw-ginned ready were placed at Rs 1715-1800, October at Rs 1680-1745 and November at Rs 1670-1705. Cart selected November were mentioned at Rs 1760-1840. Sanker new Kadi ready were quoted at Rs 20,300-20,400 and November at Rs 19,000 a candy. V-797 ruled steady at Rs 15,300-15,700.

Pulses flared up again on the grains market following rains in the producingcentres.

The recent rains having caused damage as also delaying the marketing of the deshi crop the stockists of most of the pulses turned very reserved, pushing up the price sharply in most of the cases. Zooming up by Rs 100 to 150 a quintal tur Mynamar 98 were up at Rs 2300-2350, 97 at Rs 2225-2250 and Kenya at Rs 2325. Likewise, rajma chitra deshi rose to Rs 2300-2400 and red rajma imported to Rs 2100. Urad Mynamar skyrocketed from Rs 1525 to Rs 1750.

Moong Mynanmr at Rs 1700-1750, deshi Moglai at Rs 1650, Chamki at Rs 1800-1900 and Chinai at Rs 2200-2300 were well-held. Australian gram ruled steady at Rs 1400. Kabuli A-2 were steady in the range of Rs 3200-3500. However, B-2 at Rs 2700-2800 and C-2 at Rs 2400-2450 were up by Rs 75 to 100.

Green peas USA were unchanged at Rs 1600. But Canadian moved up from Rs 1025 to Rs 1041. White peas Canadian hardened by about Rs 50. Ready were placed at Rs 941 and incoming at Rs 925.

Wheat and rice ruled steady. Wheat milling were placed at Rs 711-715, northGujarat Tukadi at Rs 765-825 and 496 at Rs 825-900. Rice Gujarat-17 were sought after at Rs 1600-1700.

Sugar weak

A weak condition was in evidence on the sugar market following slack demand and fear of a special free sale release. Price lost Rs 10 a quintal Ex-octroi checkpost and in tenders following increased selling pressure triggered by the above. M-30 dipped to Rs 1450-1460 and S-30 to Rs 1430-1440 ex-octroi checkpost. Ex-godown, the price ruled more or less steady on local buying support. The former ruled at Rs 1485-1530 and the latter at Rs 1455-1480.

In tenders, M-30 fell to Rs 1410-1420 and S-30 to Rs 1390-1400 in Kolhapur line.

Yarn

There was practically no trading on the yarn market as most of the establishments remained closed due to intensive search by the excise and Income tax department, averred trade sources.

Oils decline

Both edible and non-edible oils declined on the oilseeds market here today on poor demand in the face of increased arrivals. In theedible section, groundnut oil reacted due to fresh arrivals amidst fall in demand. However, imported palm found fresh support and recovered.

Among industrial oils, castor oil declined further due to poor enquiries from soap manufacturers. Castorseeds declined on good stock position coupled with poor shippers' demand. Linseed oil declined on poor paint industries' offtake while linseed bold held steady at Rs 1700 on stray support.

In the edible section, groundnut oil reacted by Rs 5 to close at Rs 610 from the previous close of Rs 615. Groundnuts ready was unquoted. Imported palm oil, however, recovered by Rs 3 to end at Rs 385 from Rs 382.

Castor oil commercial fell further by Rs 8 to Rs 437 from Rs 445. Castorseeds ready Madras dropped sharply to Rs 2002 from Rs 2040. Linseed oil reacted by Rs 5 to Rs 465 from Rs 470 and linseeds ready held steady at Rs 1700.

In the futures market, castorseeds December contract opened with overnight weakness at Rs 1670 and after touching a high of Rs 1679, closed atRs 1671, showing a further fall of Rs 19 from yesterday's close of Rs 1690.

Silver falls sharply

Silver declined steeply by Rs 130 per kg on the bullion market here today due to sharp fall in London prices. Gold also fell on weak global advices.

Ready silver .999 fineness resumed weak and declined further sharply to close at Rs 7705, showing a sharp setback of Rs 130 over the last close of Rs 7835. Raw silver .916 fineness fell by Rs 115 to Rs 7595 from Rs 7710 and tenderable silver dropped to Rs 7710 from Rs 7840.

Standard gold also opened weak and fell further to close at Rs 4330, revealing a fall of rs 20 from the previous close of Rs 4350. 22-carat gold was nominally quoted weak at Rs 4005 from the last close of Rs 4025. Ten-tola gold bar .999 purity shed Rs 500 to end at Rs 51,000 from the last mark of Rs 51,500.

Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.


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