Groundnut oil edged up by Rs 2 to Rs 467 per 10 kg on fresh buying interest and tight supplies. In Rajkot it was steady at the reduced level of Rs 645 per 15 kg. Continued ban on inter-state sale of groundnut oil by Gujarat government had kept supplies restricted in the city market.

Imported palm oil finished Rs 3 lower at Rs 355 per 10 kg exclusive of tax on steady arrivals at Mumbai port followed by weak trend in the global market. In the international market palm oil finished lower at $690 per tonne for nearby delivery and Rs 680/685 per tonne for long delivery.

Castor oil fell by Rs 3 to Rs 427/439 per 10 kg amidst demand resistance by foreign buyers. Castorseed ready dropped by Rs 14 at Rs 1948/1954 per quintal nominally in sympathy. Traders reported arrivals of 3500/4000 bags of castorseed in the Gujarat region.

In the futures section castorseed December delivery bouncedback by Rs 12 to Rs 1,682 per quintal as lower prices attracted short covering ahead of delivery period, floor sources said. In Ahmedabad December delivery was quiet at Rs 1,748 and in Rajkot it was placed at Rs 1,700 per quintal.

Silver ends lower

Silver prices suffered fresh setback while gold ruled quite on the bullion market here today.

Silver .999 finished Rs 50 lower at Rs 7,490 per kg. In the ready section silver .916 was down by Rs 30 to Rs 7,380 per kg in sympathy. Demand was moderate as steady to weak overseas advices put fresh pressure on the prices. Delhi was weak and in the overseas market the white metal moved down from $5.03 to $4.94/4.95 per ounce.

Standard gold on the other hand moved in a narrow range and closed steady at Rs 4,310 per 10 gm. Gold .22 carat also placed at Rs 3,985 per 10 gm. Prices of gold biscuit (116.50 gm.) however dropped Rs 50 at Rs 50,550 per piece on weak overseas advices. In the global market gold declined from $295.45 to $294.55 per ounce. Uptrend inthe dollar value against rupee failed to cheer up the market sentiment, according to a dealer.

Sugar further down

A fresh drop in values marked trading on the sugar market.

Further selling pressure triggered by persistant slack demand caused a fresh dent of Rs 15 a quintal in ex-octroi checkpost rates which fell to Rs 1427-1445 for M-30 and Rs 1400-1420 for S-30. Ex-godown price were down by Rs 5 to 7 on somewhat better demand and ruled at Rs 1445-1500 and at Rs 1425-1460 respectively.

However, on low level buying support tender price rallied by Rs 5 as M-30 were indicated at Rs 1385-1390 and S-30 at Rs 1360-1370 in Kolhapur line.

Pulses remain bearish

A bearish trend was in evidence in pulses on the grains market on increased selling pressure in the aftermath of removal of import duty while demand remained at a low ebb.

Kabuli gram price lost Rs 200 a quintal. A-2 were placed at Rs 3300-3400, B-2 at Rs 2800-2900, C-2 at Rs 2500-2600 and natural at Rs 2600-2700.

Australian gramwere down by Rs 50 at Rs 1550. Tur price lost Rs 50 to 75. Myanmar tur 98 and 97 were on offer at Rs 2200 and at Rs 2100 respectively. Kenyan tur found sellers at Rs 2100 while Tanzanian ruled at Rs 2225. Moong Myanmar were on offer at Rs 1850 as against Rs 1900. Urad Myanmar price, as an excpetion, improved from Rs 1650 to Rs 1675-1700 on better inquiries.

Rajma chitra deshi were down from Rs 2500-2600 to Rs 2400-2500 while imported red rajma were on offer at Rs 2500, a loss of Rs 100. Wheat and rice were quietly steady.

Cotton steady

A steady trend prevailed on the cotton market. Mill demand was restricted.Arrivals in Punjab zone consisted of 6000 bales of Bengal deshi and 10,000 bales of J-34. Ready Bengal deshi roller-ginned ruled at Rs 1580-1635, J-34 saw-ginned good average at Rs 1770-1860 and cart selected at Rs 1830-1960 spot. Sanker ruled at Rs 18,800-19,800 a candy.

Meanwhile, the East India Cotton Association has estimated the current season cotton crop at 177.5 lakh running balesand 169.5 lakh bales of 170 kgs on the eve of the meeting of the Cotton Advisory Board (CAB). The statewise figures in running bales are, Gujarat 48, northern region 30, Maharashtra 30, Andhra Pradesh 30, MP 22, Karnataka 11, TN 6 and others 1 lakh.

The Maharashtra federation has announced the sale prices of its current season cotton. Thus, the price for H-4/MECH-1 super is fixed at Rs 20,500 amd for FAQ at Rs 20,300. Among others, LRA Rs 19,400, 1007/DHY Rs 19,200 and NHH Rs 19,000. The federation has so far procured an equivalent of 80,000 bales, averred trade sources.

Yarn quiet

A quietly steady trend continued on the yarn market following slack demand, continued power crunch in Bhiwandi and unremunerative fabrics prices.