Gold Spurts, Groundnut Oil, Cotton Steady

Groundnut oil ruled steady, linseed oil firmed up while castor oil declined yesterday at the Turbhe oils and oilseeds market in Navi Mumbai.

In the industrial sector, castor oil declined due to lack of enquiries from shippers and soap manufacturers. Linseed oil firmed up on fresh buying interest from the paint industry.

In the futures market, castorseeds June opened weak at Rs 1,175.50 on overnight selling. Later, prices looked up on brisk buying and touched a high of Rs 1,178.50 but profit-taking wiped out the gains and it closed lower at Rs 1,175 from Rs 1,177 previously.

Among edible oils, groundnut oil at Rs 360 was maintained at its previous level on demand being well met by adequate stocks. Groundnuts ready ruled steady at Rs 1,840.

Linseed oil firmed up to Rs 298 from Rs 295. Linseeds ready was quiet at Rs 1,300. Castor oil commercial eased to Rs 253 from Rs 254.

Cotton: Cotton prices held steady in a narrow price band as the nine-day truckers strike continued to affect all commodities.

In spot deals Bengal-deshi remained quiet at Rs 915/960 per maund (37.32 kg), while Punjab saw-ginned was quoted at the previous level of Rs 1,575/1,670 per maund. Gujarat Sankar-4 (long-staple) was quiet at Rs 16,500/17,000 per candy (355.56 kg) for the average variety and at the rate of Rs 18,700/19,800 per candy for the superior variety.

Coarse grains yesterday witnessed some activity at the local grains and pulses market in New Delhi. In coarse grains, maize gained Rs 20 per quintal at the higher level due to paucity of stocks while barley slipped by Rs 10 at the lower level.

Bullion: Gold prices rose sharply while silver declined in a mixed bullion market yesterday. The fresh spurt in the yellow metal was due to shortage of stocks as against good seasonal offtake for marriages and festivities. Higher international advices aided the firm trend. Standard gold peaked to Rs 4,810 from Rs 4,780. 22-carat gold was nominally quoted higher at Rs 4,450 from Rs 4,420. Ten-tola gold bar .999 purity shot up to Rs 56,300 from Rs 55,900 previously. 22-carat jewellery gold was quoted at Rs 4,650 per 10 grams.

Silver prices reacted moderately in the absence of industrial buying as against adequate stocks position. Silver ready .999 fineness declined to Rs 7,020, raw silver .916 fineness to Rs 6,920 and tenderable silver to Rs 7,025 from the previous close of Rs 7,040, Rs 6,935 and Rs 7,045 respectively.