Castor Prices Rise On Cyclone Fears

Prices fell to Rs 1,089/1,090 from Rs 1,094/1,095 but later in the day rose to Rs 1,093/1,094.

Groundnut oil rose to Rs 362/363 from Rs 356/357 on renewed physical buying. In Rajkot spot oil rose by Rs 5 to Rs 540 per 15 kg.

Soybean prices were firm on limited arrivals in the central Indian market yesterday. Most markets were closed for Diwali and will reopen on November 13 for moorat (auspicious) trading.

Soyoil was firm on limited supplies from processing plants and refineries and higher festival demand. Soyoil solvent was up Rs 200 and soyoil refined was up Rs 300 per tonne. Good export demand kept soymeal prices firm. Soymeal yellow was quoted at $270-271 per tonne for export. Rapeseed extraction was Rs 4,325 f.o.r.

 

Price of cotton was up on yesterday on renewed interest from mill owners as farmers went on holiday ahead of Diwali, dealers said Renewed interest from mill owners dragged prices up while new crop arrivals remained low, one dealer said. Farmers were on holiday, reducing new crop arrivals in the market.

In spot deals Bengal-deshi rose by Rs 10 to Rs 930/960 per maund (37.32 kg) while Punjab saw-ginned rose by Rs 25 to Rs 1,625/1,750. Gujarat Sankar-4 (long-staple) rose by Rs 200 to Rs 19,200/20,500 per candy (355.56 kg).

Prices of sugar yesterday lost some of its recent gains as wholesale festival buying ended, dealers said. Festival buying is over at the wholesale level and now only retail counters will have Diwali buying, they said. S-30 fell by Rs 5 to Rs 1,290/1,325l while M-30 eased by Rs 8 to Rs 1,320/1,365. Arrivals remained higher on fresh offerings by the mill owners.

Sugar mill delivery fell to Rs 1,195/1,1210 from Rs 1,200/1,220. Sentiment remained subdued at the close. Traders were expecting prices to remain in a narrow price band ahead of Diwali.

Gold & silver prices opened higher on the back of a global recovery but lost towards the close amid demand resistance, dealer said.

On Thursday, silver was down by Rs 25 per kg while gold was quiet. Gold biscuit (116.50 grammes) opened higher yesterday at Rs 60,200 against previous closing of Rs 60,000 but fell thereafter to conclude at Rs 60,100 per piece.

Higher prices in the local market attracted profit-taking by the stockist and importers later in the day and the sentiment turned subdued at the close despite Diwali.

Metals prices held steady yesterday on dull trade ahead of festival weekend, dealers said. Industrial demand remained low but limited arrivals kept the market quiet, one dealer said.

Trading activity will now only pickup after Diwali, said Sharad Parikh, president, Mumbai Metal Exchange. Ready copper, zinc and lead were steady at Rs 11,550, Rs 6,250 and Rs 4,650, respectively. Tin and nickel were also steady. Aluminium was unchanged.