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Sugar continues to remain firm; bullion divergent 

Our Commodity Bureau  
Mumbai, Feb 22: Sugar market continued to present a firm stance on active buying support.

Coming hot season and threat by the transport operators to go again on an indefinite strike from 27th resulted into the sugar market continuing to get active buying inquiries and giving fresh boost to the price.

The quotations looked up by Rs 5 to 7 a quintal afresh allround. M-30 were up at Rs 1420-1512 and S-30 at Rs 1390-1430 ex-godown. Ex-octroi checkpost, the price ruled at Rs 1415-1440 and at Rs 1375-1390 respectively.

Upcountry demand remained good with the mills. The tender prices were indicated at Rs 1365-1400 for M-30 and at Rs 1325-1350 for S-30 in Kolhapur line.

Grains unchanged
A steady condition was noticed on the grains market.

Green peas USA Rumba/Heart ruled at Rs 1350 and Canada at Rs 900 a quintal. White peas Canada were traded at Rs 881-885. Kabuli gram A-3 Mexican were quoted at Rs 4500-4600, Canada at Rs 3700-3800, USA at Rs 3600 and Turkey at Rs 3400-3500. B-2 Australian met with support at Rs 3400 and Turkey at Rs 3100-3150. C-2 ruled at Rs 2200-2600 and natural at Rs 2900-3000. Iran kabuli were on offer at Rs 3150. Rajma chitra deshi and Chinese remained on offer at Rs 2000 and at Rs 1700 respectively. Red rajma Myanmar were traded at Rs 1550-1600.

Among cereals, rice Pakistan were traded at Rs 880-890 ex-dock and at Rs 911-950 ex-godown. Wheat MP 147 and Sarbati were traded at Rs 900-1000 and at Rs 950-1300 respectively.

Yarn quiet
A quietly steady condition was in evidence in viscose and nylons on the yarn market.

Viscose filament yarn bright cones first quality Century Rayon, 150dn ruled at Rs 193, 120dn at Rs 205, 100dn at Rs 213 and 75dn at Rs 253 a kg.Nylon yarn Shreelon 15/1/0dn were on offer at Rs 291, Gujnil 20/1/0dn at Rs 285, 30/1/0dn at Rs 315 and 111/24/0dn at Rs 170.

Cotton steady
A steady condition prevailed on the cotton market. Activity was restricted. Prices, generally, hovered around the previous day's levels.

Arrivals In Punjab zone were comprised of 8000 bales of J-34 and 2000 bales of Bengal Deshi. J-34 saw-ginned good average Punjab ruled at Rs 1560-1645, Haryana at Rs 1545-1565 and Rajasthan at Rs 1530-1565 a maund spot. Cart selected Punjab and Haryana fetched Rs 1610-1690 and Rs 1580-1635 respectively while Rajasthan were placed at Rs 1565-1585. Roller-ginned good average Rajasthan were quoted at Rs 1485-1505. Bengal Deshi Punjab ruled at Rs 1055-1100, Haryana at Rs 1080-1085 and Rajasthan at Rs 1065-1080.

V-797 at Rs 12,600-13,000 and Sanker in the range of Rs 16,000-19,000 a candy also ruled unchanged.

In futures, there was unloading which resulted into the April contract price settling lower by 63 points at Rs 4366 and that of June by 57 points at Rs 4466.

Bullion stays mixed
Gold prices suffered modest losses at the improved level while silver moved in a narrow range and closed on a mixed note on the bullion market here today.

Standard gold ruled quiet at Rs 4,800 per 10 gm. so was gold .22 carat at Rs 4,440 per 10 gm. Prices of gold biscuit (116.50 gm.) reacted by Rs 100 at Rs 56,200 per piece after gaining Rs 400 on Monday. Seasonal demand turned slack at higher level as news of setback in the global prices triggered profit-taking. In the global market gold declined from $306 to $304 per ounce.

Meanwhile silver .999 closed Rs 20 up at Rs 8,230 per kg amidst shortage of ready stock and stray industrial demand. Silver .916 was down by Rs 5 at Rs 8,080 per kg on steady arrivals of raw silver from local sources. in the global market silver was quiet at $5.23/5.25 per ounce, it was learnt.

Castor oil up
Groundnut oil ruled steady on the oil,oilseeds market here today. Castorseed and its oil on the other hand placed higher in ready delivery and prices eased in the forward market.

Groundnut oil maintained at Rs 365 per 10 kg. Tight supplies and low buying interest attributed to the static situation. In Rajkot groundnut oil looked up by Rs 5 at Rs 595 per 15 kg.

Imported palm oil closed a rupee higher at Rs 202 per 10 kg on account of restricted overseas inflow. In the global market palm oil remained unchanged at the improved level of $320 per tonne, it was learnt. Castor oil rose by Rs 3 at Rs 362/374 per 10 kg following fresh covering by shippers for February shipment. Castorseed ready quoted Rs 15 higher at Rs 1654/1660 per quintal in sympathy.

In the futures section castorseed March delivery moved in both ways but finished Rs 2 lower at Rs 1666 per quintal on light bull unloading in the wake of prevailing weak Gujarat advices.

In the international castor oil futures market April delivery held at Rs 376 per 10 kg. In Ahmedabad castorseed April delivery moved in a narrow range of Rs 1636 and Rs 1,662 but finally closed lower at Rs 1646 per quintal.

Traders reported 45,000/47,000 bags of castorseed arrivals in Gujarat.

Copyright © 2000 Indian Express Newspapers (Bombay) Ltd.

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