Groundnut oil held steady at the improved level of Rs 343-344 per 10 kg on limited arrivals of 40-50 tonnes while physical buying was at a low ebb. Arrivals of new rapeseed crop are picking up and millers in the producing centres have switched over from groundnut oil to rapeseed oil which in turn cut supplies of groundnut oil in the Mumbai market. Imported palm oil fell by 1/2 rupees to Rs 277-278 per 10 kg on fresh arrivals at the Mumbai port. Subdued sentiment in the world market and limited physical enquiries prompted fresh offerings by importers.
Cotton: Cotton prices suffered a fresh setback at improved levels on sluggish mill demand and profit-taking, dealers said. Fresh arrivals also remained low as a major portion of the new crop has already been marketed and sentiments at the close remained subdued amid limited activity.
Sugar: Sugar prices fell as consumer demand eased at higher levels while fresh arrivals prompted profit-taking, dealers said. In the ready delivery, sugar S-30 slid by Rs 5 at Rs 1,285-1,310 per quintal while M-30 fell by Rs 12 at Rs 1,320-1,383 per quintal. Sugar mill delivery fell to Rs 1,210-1,225 per quintal from Rs 1,215-1,235 on fresh offerings by the millers at improved level.
Sugar was up by Rs 20-25 per quintal on Wednesday following a lower than expected quota for next month announced by the government. The free sale quota for April was announced at 700,000 tonnes against market expectation of 750,000 tonnes. The quota for March is 700,000 tonnes.
The free sale quota for May is announced at 750,000 tonnes and for June at 800,000 tonnes, one broker said.
Castorseed: Castorseed June delivery prices on Thursday eased to Rs 1,200-1,202 per quintal from Rs 1,205 on fresh speculative offerings, dealers said. Higher supplies and poor overseas enquiries dragged prices down. Daily new crop arrivals of castorseed in the Gujarat region remained high at 3,000 bags (75 kg each). Trading volumes also remained low and operators were expecting the market to remain in a narrow price band. In spot deals Bengal-deshi fell by Rs 10-25 to Rs 885-950 per maund. (37.32 kg) while F-414 declined by Rs 20 to Rs 1,880-1,905 per maund.
Bullion: Both the precious metals dropped sharply at the bullion market. Silver slumped owing to increased arrivals through imports as against slack industrial demand. Weak overseas advices depressed sentiment.
The yellow metal dropped sharply owing to low seasonal buying as compared to increased stockists offering coupled with fresh arrivals through imports.
Silver ready .999 fineness dropped to Rs 7,420, raw silver .916 fineness to Rs 7,320 and tenderable silver to Rs 7,425 from their previous close of Rs 7,450, Rs 7,350 and Rs 7,455 respectively.
Standard gold slumped to Rs 4,800 from Rs 4,820. 22-carat gold was nominally quoted lower at Rs 4,440 from Rs 4,460. Ten-tola gold bar .999 purity slumped to Rs 56,200 from Rs 56,400 previously. 22-carat jewellery gold was quoted at Rs 4,640.
