Return
to Story Page
To print: Select File and then Print from your
browser's menu
National News Service
NEW DELHI, JAN 23: Agremone was detected in two samples of mustard oil, as a result, buyers withdrew from the market. Soyabean and cottonseed oils plummeted by Rs 70 a quintal due to sluggish demand from vanaspati millers.
On weak Mumbai and Andhra advices, castor oils further tumbled down by Rs 150 at Rs 3600 a quintal and mustard laha fell sharply by Rs 50-100 at Rs 1600-1700 and groundnut was down by Rs 100 at Rs 1700 a quintal.
Mumbai: Groundnut oil recovered while castor oil fell sharply on the oilseeds market here on Saturday. Castorseeds futures ruled weak.
Among the edible oils, groundnut oil recovered on brisk demand at lower levels while stockists remained reserved. Imported palm oil ruled steady on stray support.
In the industrial sector, castor oil registered a steep fall on hectic selling pressure amidst poor support from shippers and soap manufacturers. Castorseeds slumped on heavy influx of ready seeds in the terminal markets. Linseed oil, however, rallied partially on freshinquiries from the paint industry. Linseeds ruled quiet.
In the futures market, castorseeds March opened lower on overnight selling at Rs 1450. Prices later slumped further on sustained profit-taking in the absence of export enquiries and closed at Rs 1442, down by Rs 29 from the previous close of Rs 1471.
Groundnut oil firmed up to Rs 405 from Rs 402. Palm oil was quiet at Rs 325. Linseed oil improved to Rs 440 from Rs 430. Linseeds ready was steady at Rs 1700. Castor oil commercial dropped to Rs 332 from Rs 340. Castorseeds ready Madras slumped to Rs 1498 from Rs 1536 previously.
Gram declines
A rumour was rife in the market that import duty on pulses is likely to be imposed 10 per cent, consequently, urad Rangoon firmed up by Rs 25 at Rs 1550 a quintal. On consistent supply from the producing mandies coupled with import of about 40-50 tonnes pulses next month, gram Rajasthani dipped by Rs 35 at Rs 1095, peas tumbled down by Rs 50-100 at Rs 900-1100 and dal Patka suffered a sharp setback ofRs 50-100 at Rs 2500-2650 a quintal. Similarly, masoor was down by Rs 25-50 a quintal on weak producing centres advices.
Wheat dara prices remained subdued as flour millers were supplied 70-75,000 bags of official wheat. Maize firmed up by Rs 5-10 a quintal due to restricted supply.
Sugar easy
On offerings by the millers due to tight money market conditions, mill delivery sugar prices revealed an easy tendency. Mill delivery sugar Titabi slipped by Rs 10 at Rs 1370 a quintal. Mawana sugar was traded at Rs 1445, Dhanoura at Rs 1368 and a few mills sugar with moisture was offered at Rs 1255-1270 a quintal.
Zeera tumbles
On selling pressure of new zeera in Unjha mandi of Gujarat coupled with weak Unjha advices, old zeera here, tumbled down by Rs 100 a quintal and turmeric suffered a sharp setback of Rs 50-100 a quintal on increased arrival of new turmeric in the south mandies.
Nutmeg of Cochin edged up by Rs 5-10 a kg on good wedding demand. Cardamom brown, inferior quality slipped byRs 2-3 a kg.
Among dry fruits, almond California slumped by Rs 100-200 per 40 kg on selling pressure from importers. Pistachio Peshwari plummeted by Rs 50 at Rs 800 a kg, on increased inflow from Pakistan.
Bullion slumps
Both the precious metals on the local bulllion market lost their glitter on Saturday.
Gold, on the overseas market slipped to $287 from $287.55 an ounce and on reports of likely sale of gold by Central Bank of Europe, France, Germany etc, gold biscuit and standard mint gold slipped by Rs 10-15 at Rs 4375 and Rs 4385 per 10 gram, respectively.
Gold sovereign remained unchanged at Rs 3750-3775 per 8 gram.
New York silver future slipped by 2 cents at 510 cents an ounce coupled with inflow of about 5000 kg imported silver on Friday, spot silver .999 fineness plummeted from Rs 7660 to Rs 7642 a kg and silver weekly delivery was quoted lower by Rs 20 at Rs 7640 a kg due to lack of speculative buying. Silver coins remained unchanged at Rs 10,500-10,600 per 100pieces.
Mumbai: Silver recovered its early losses while gold ended barely steady, in listless trading, on the bullion market here on Saturday.
Silver fell early by Rs 25 in each grade on account of stockists selling but prices later recovered to previous close level on good industrial demand at lower levels. On the other hand, gold remained stagnant at its previous closing levels in the absence of support. However, gold biscuit declined by Rs 100 on increased supplies.
Silver ready .999 fineness and tenderable silver closed at Rs 7710 and Rs 7715, respectively, showing no change from the previous close. Raw silver .916 fineness eased by Rs 5 to Rs 7590 from the last close of Rs 7595.
Standard gold at Rs 4360 and 22-carat gold nominally quoted at Rs 4035 were unaltered from the previous close. Ten-tola gold bar .999 purity declined by Rs 100 to Rs 51,100 from the last close of Rs 51,200.
B. Twill weak
Jute goods eased further on the local market. Weaker price advices from Calcuttacontinued to weigh on the local trade. Harapatta, B. Twill (2 & 2-1/4 lbs) and A. Twill dipped locally by Rs 25-75 per 100 bags.
Hessians single and double wrap canvas and oddless canvas as well drifted lower by Rs 5-20 (per 91 metre). In twines, traders said the arrivals from Nepal have fallen sharply.
Cotton yarn remains dull
Cotton yarn remained unmoved from the dull level of the prices as the sentiment is down due to slack local and adjoining states handloom and powerloom units buying. In cone yarn, KSL (2/4 & 2.6) and Bhantinda (20) dipped by Rs 2-5 per bundle.
In cotton also, the story remained the same as due to plummeting offtake, Rajasthan, Haryana and Punjab mandies witnessed a sharp decline by Rs 30-35 at Rs 1460-1490 per mound in deshi cotton. J-34 declined by Rs 20-35 in Rajasthan and Haryana.
Citric acid rises
Chemicals marked quiet and easy in local market as fresh inflow increased further. Citric acid China maintained uptrend with Saturday charging up by Rs 75 at Rs3600 per 50 kg on demand from stockists and cold drink units.
In support, Bombay Dyeing citric acid moved up from Rs 4200 to Rs 4250 per 50 kg. On downtrend side, creasote oil heavy and light drifted lower by Rs 2 at Rs 26 and Rs 28 per litre.
Tin ingot improves
Copper products extended gains on the local market as utensils, mixed scrap and wire scrap were up by 50 paise per kg because of poor inventories. Shahdara industrial units renewed their buying. Tin ingot improved by Re one on the back of local demand.
On the other hand, zinc dross, brass accessories, Bharat scrap, brass boring, huny scrap and chadripital as lacked in sales, fell further by 50 paise per kg.
Tomato falls
Potato prices were pulled down further on Azadpur mandi because of 165 trucks buoyant inflow. The prices came down by Rs 10-15 per 80 kg as the UP variety sold at Rs 200-225, Punjab origin at Rs 200-225 and Haryana at Rs 180-250 per 80 kg.
Despite low arrivals from 70-80 trucks to 50-55 trucks, tomato pricesfell from Rs 120-130 to Rs 100-120 per 22 kg as the offtake from the mandies declined. Desi tomoto, however, held firm at Rs 60-70 per 8-10 kg.
Onion, garlic and ginger remained at their previous prices.
Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.
------------------------------------------------------------
This story was printed from Net Express located at http://www.expressindia.com. Net Express provides a portal to India, with news from The Indian Express and The Financial Express along with sites on travel and tourism, the entertainment industry, the power sector, the environment and much more.
------------------------------------------------------------