The demand turned hectic following supply gap due to bank employees' strike and the budget. This, coupled with reserved selling triggered by extension of the quota time limit for February till March 7, accelerated bullish trend. The price spurted by Rs 20 a quintal in the case of indigenous sugar.

M-30 went upto Rs 1440-1460 and S-30 to Rs 1420-1440 ex-octroi checkpost. Ex-godown, the price rose to Rs 1450-1500 and to Rs 1438-1470 respectively.

In tenders, M-30 were indicated at Rs 1410-1420 and S-30 at Rs 1385-1395 in Kolhapur line.

Brazilian white sugar gained Rs 15 at Rs 1360 while biscuit colour were up by Rs 5 at Rs 1250.

Milling wheat further down

Milling wheat price yielded fresh ground while other items ruled quietly steady on the grains market. Activity was dull.

On slack demand milling wheat old shed Rs 10 a quintal at Rs 690-700 while new turned cheaper by Rs 5 at Rs670-675. Saurasthra new wheat Lokvan at Rs 725-850, Tukadi at Rs 800-950 and SW at Rs 900-1000 were static. Among old wheat north Gujarat Tukadi were placed at Rs 725-850, Lokvan medium at Rs 750-775 and 496 at Rs 775-825. MP 147 were traded at Rs 850-925 and Sarbati in the range of Rs 900-1200.

Rice Gujarat-17 were traded at Rs 1750-1850. SLO were quoted at Rs 1050-1200. Perimal Punjab were placed at Rs 950-1100 and superior at Rs 1200-1400.

Among pulses, green peas USA Heart were quoted at Rs 1300-1325 and Canadian at Rs 811-815. White peas Canadian ruled at Rs 775.

Cotton futures mixed

A steady trend prevailed on the cotton market. Activity was moderate.Arrivals in Punjab zone were on the low side consisting of 500 bales of Bengal deshi and 3000 bales of J-34. Bengal deshi roller-ginned ruled at Rs 1340-1425, J-34 saw-ginned good average at Rs 1615-1750 and cart selected at Rs 1700-1925 a maund spot. J-34 roller-ginned good average were placed at Rs 1550-1650. Other items ruled more or lessunchanged.

In futures, new cotract September came on the board today at 5010. Among current contractes April ended lower by 4 points at 4906 while June was up by 15 points at 4975 on stray support.

Reliance hikes yarn price A steady condition prevailed on the yarn market. Improved marketing situation has spurred Reliance Industries (RIL) to jack up the prices.

Activity picked up further as the market reopened after holiday and the bank strike. The price of grey fabrics remained at a reasonable level providing impetus to the powerlooms in Bhiwandi to operate at virtually full capacity. Market price of polyester yarn were well-held at the earlier high levels.

Thus, grey first quality of medium-sized units 80dn rotoset ruled at Rs 95-96, micro rotoset at Rs 96-97, weft at Rs 87-88 and warp at Rs 98-99 a kg. 80/1000dn and 80/1400dn were traded at Rs 135-140 and at Rs 145-150 respectively.

In the case of 150dn, weft were in demand at Rs 67-68 and warp at Rs 78. Single roto ruled at Rs 74 and double rotoat Rs 76.

Meanwhile, RIL has hiked the price of texturised yarn 80dn dyed by Rs 4 while all other deniers of grey and dyed yarn have become costlier by Rs 2. This was on top of the earlier jack up of Rs 2 in the price of POY. New price of 126dn POY has come to Rs 54 and that of 235dn to Rs 45 exclusive of excise.

PTA price has been cut by Rs 300 a tonne.

Silver nosedives

The white metal crashed on the bullion market here today. Gold on the other hand moved in a narrow band and closed on a subdued note.

Silver .999 slumped by Rs 295 to Rs 8,100 per kg. In the ready section silver .916 was down by same margin at Rs 7,965 per kg in sympathy.

Industrial demand was dull at higher level as sharp setback in the global market triggered heavy unloading among stockists and local bankers here. Traders reported brisk inflow - about 800/1000 kg of silver in the Mumbai market during the day while volume was for hardly 300 kg. Delhi was weak and in the global market silver dropped from $5.67 to $5.35 perounce which in turn brought down the import cost of silver from Rs 8,440 to Rs 8,015 per kg, according to a dealer.

Standard gold finished steady at Rs 4,360 per 10 gm. on thin trading. Prices of gold biscuit (116.50 gm.) moved down by Rs 100 to Rs 51,100 per piece on weak overseas advices. In the global market the yellow metal fell from $287.25 to $286.55 per ounce.

G'nut oil slumps

Groundnut oil ruled weak on the oil,oilseeds market here today. Castorseed and its oil reacted in the ready delivery while prices looked up modestly in the forward section as lower prices attracted light short covering.

Groundnut oil eased by Rs 10 to Rs 407 per 10 kg amidst sluggish buying interest, brisk new crop supplies after conclusion of Holi festival coupled with weak upcountry advices. In Rajkot prices dropped by Rs 5/10 at Rs 610 per 15 kg.

Imported palm oil looked up by a rupee to Rs 293 per 10 kg exclusive of tax on eased overseas supplies after recent losses in the prices. Demand however was dull. Inthe global market palm oil quoted $5/10 higher at $510 per tonne for nearby delivery and to $490/500 for long delivery, it was learnt.

Castor oil declined by Rs 4 to Rs 312/326 per 10 kg on sluggish overseas demand. Castorseed ready slipped by Rs 18 to Rs 1396/1402 per quintal.

In the futures section castorseed June delivery looked up by Rs 4 to Rs 1433 per quintal as eased supplies prompted light short covering. Maturing March delivery remained absent from trading. Castorseed arrivals dropped to 20000/25000 bags in the Gujarat region, it was gathered.

In Ahmedabad April delivery closed at Rs 1,381 and in Rajkot at Rs 1,386 per quintal.