Silver Takes A Big Knock, Groundnut Oil Looks Up

Edible oil prices continued to flare up on the oils and oilseeds market here yesterday.

Groundnut oil and palmolein prices soared on persistent heavy local demand amid poor supplies.

However, groundnuts held fully steady. In the industrial sector, castoroil and castorseeds firmed up on fresh buying enquiries from soap manufacturers and exporters. Other items were featureless. The futures market remained closed for a local holiday.

Groundnut oil rose sharply to Rs 435 from weekend levels of Rs 431 and palmolein jumped to Rs 398 from Rs 392 while groundnuts ready bold was unchanged at Rs 1970.

Castoroil commercial inched up to Rs 280 from Rs 279 and castorseed ready Madras shot up to Rs 1248 from Rs 1243. Linseed oil and linseed ready bold were both steady at Rs 390 and Rs 1400 respectively.

Bullion: A steep fall in silver prices featured trading on the Mumbai bullion market yesterday.

The white metal declined sharply on lack of industrial demand at higher levels coupled with stockists offerings. Gold prices on the other hand was subdued.

Silver ready spot (.999 fineness) and tenderable silver both dropped by Rs 135 each to Rs 8,285.00 and Rs 8,290 respectively. Raw silver (.916 fineness) dipped to Rs 8,185.00 from the previous close of Rs 8,315.00.

Standard gold edged down to Rs 4,095 from Rs 4,100 and 22-carat gold was nominally quoted at Rs 3,790. The ten-tola gold bar (.999 purity) variety remained unchanged at Rs 48,100.

New Delhi: Wheat prices shot up on the grains and pulses market yesterday on brisk buying by local dealers in the face of restricted arrivals and quoted notably higher. Marketmen said arrival of 20 trucks failed to meet market demand where buying by flour mills was distinctly higher.

Wheat deshi was quoted higher at Rs 650-1100 against previous level of Rs 600-980 per quintal. Wheat dara was also higher by Rs 10 at Rs 540-545 per quintal. In pulses, masoor was in demand and gained Rs 75 at Rs 1500-1575 per quintal on increased offtake.

The volume of business was good. The following were today's quotations per quintal: Grains: wheat deshi 650-1100, wheat dara 540-545, chakki atta (Ashoka brand 90 kgs) 552, roller mill atta (Ashoka brad) (90 kgs) 565, maida (Ashoka) 580, sooji (Ashoka) 585-595, rice basmati (Lal Mahal) 5400, rice basmati (Lal Qilla) 5600, rice basmati common 3500-4050, IR-8 725-750, Permal 840-995, Permal sela 825-975, Kabuli gram 1675-2150, Peas white 950-1000, Peas green 1100-1200, Bajra 3800, Jowar 400-425 Maize 420-450 and Barley 455-500.