Continued pressure of arrivals, coupled with activity coming to a virtual halt in view of transport strike aggrevated bearish trend in cotton. Earlier fall in Punjab cotton continued to cast its dark shadow on Gujarat materials. Price of short and medium staple items lost Rs 300 to 400 a candy as the stockists who had made purchases from the Gujarat federation earlier were keen sellers. V-797 had changed hands at Rs 12,900 spot and the price was still likely to take a dip, averred trade sources. Wagad Morbi ruled at Rs 12,200. Sanker were quoted at Rs 18,700-19,200.

Arrivals in Punjab zone were comprised of 4000 bales of Bengal Deshi and 9000 bales of J-34. Roller-ginned Bengal Deshi ruled at Rs 1170-1250 a maund. J-34 saw-ginned good average were placed at Rs 1490-1610, cart selected at Rs 1535-1670 and roller-ginned good average at Rs 1440-1535.

Meanwhile, the Maharashtra governement is understood to have been holding a meeting to review the procurement price in view of extremely adverse marketing conditions both domestic and external as also severe resource crunch.

Future contracts also ruled weak. New York December at 53.37 and March at 54.65 cents were up 12 to 13 points. May at 55.50 and July at 56.30 shed 10 points.

Sugar subdued

A subdued trend prevailed on the sugar market in the wake of slack demand.M-30 were placed at Rs 1550-1590 as against Rs 1560-1600 and S-30 at Rs 1525-1550 as against Rs 1525-1560 a quintal ex-godown. Ex-octroi checkpost and ex-mill deals continued to be suspended due to transport strike.

Wheat reacts

Activity remained slack and confined to local demand in the wake of lack of movement. Prices ruled subdued.

Wheat price reacted on lack of adequate buying support at the high level reached since the commencement of transport strike. Milling wheat ebbed from the peak of Rs 800-805 to Rs 785-791 for indigenous material. French goods were on offer at Rs 625 ex-dock. Wheat North Gujarat Sonaklyan at Rs 825, Tukadi at Rs 835-840 and 496 at Rs 875-881 also softened up by Rs 20. Rice ruled static. Perimal new were traded at Rs 950-975.

Among pulses, Green peas USA ruled at Rs 1250-1275 and Canadian at Rs 900-950. White peas Canadian were quoted at Rs 925 and French at Rs 901-911.Tur Myanmar were on offer at Rs 1975-2000 and urad Myanmar at Rs 2000-2025. Australian gram ruled at Rs 1450.

Yarn listless

A very quiet condition continued on the yarn market due to poor activity.Polyester yarn grey first quality of medium-sized uints 80dn, roto ruled at Rs 94-95, micro roto at Rs 100, weft at Rs 88 and warp at Rs 96-97 a kg.150dn weft and warp were on offer at Rs 74 and at Rs 82 respectively. Single roto ruled at Rs 76 and double roto at Rs 78.

80/1000dn and 80/1400dn continued to retain earlier high levels in view of short supply. The former were placed at Rs 135 and the latter at Rs 140-142.

Castor oil firms up

Castor oil and castorseeds displayed fresh rise on the oilseeds market here today on thin supply due to the on-going transport strike. However, demand was restricted, traders said. On the other hand, in the edible section, groundnut oil and palm oil cotninued to lean down.

Castor oil commercial firmed up by Rs 5 to Rs 375 from the last close of Rs 370, while castorseed Madras rallied to Rs 1725 from Rs 1700. However, linseed oil, in restricted activity, held steady at Rs 350.

Groundnut oil dropped further to Rs 371 from Rs 373 due to poor offtake and imported palm oil softened to Rs 204 from the last close of Rs 205.

In futures, castorseed December contract opened sharply higher at Rs 1750 due to poor stock position and rallied further on increased export demand and closed at Rs 1770, showing a sharp gain of Rs 56 over the previous close of Rs 1714. However, castor oil international contract showed no change as December and February deliveries closed at the weekend level of Rs 385 and Rs 390 respectively.

Delhi

Zeera Ganesh, on the local market fell sharply by Rs 100 at Rs 7250 and methiseed tumbled down by Rs 100-200 at Rs 2000-2600 a quintal as upcountry demand remained negligible.