Groundnut Oil Climbs New Heights, Bullion Weak

Most edible oil prices continued to record firm levels on restricted supplies and booming demand on account of the festive season. Groundnut oil was strong throughout the day and prices zoomed to an intra-day high of Rs 544 before closing lower at a new high of Rs 535 per 10 kg.

"There will be resistance now at these levels, as even the Rs 525 level is too steep. The supply position is not good as there are, as yet, no US imports coming into the local markets,'' a leading commodity futures broker at the Bombay Oilseeds and Oil Exchange said. With groundnut oil prices remaining firm, castor oil prices also ruled strong at Rs 411 per 10 kg.

 

In the futures markets, the castor seeds December contract opened at Rs 1695, which was also the day's high and closed at Rs 1694 per quintal.

This was Rs 19 over the previous day's close. According to a futures trader, the demand at the Ahmedabad markets was also strong, with Ahmedabad futures contract in castor for December traded at Rs 1650.

The prices of other seeds were: groundnut karad bold Rs 2040 per quintal, castorseed small-madras Rs 1910 per quintal, linseed bold Rs 1550.

Prices of other oils were: groundnut solvent refined oil Rs 498, rapeseed refined Rs 392 per 10 kg and soyabean refined Rs 383.

Bullion: Gold and silver prices moved lower yesterday following further weakening of international prices. Standard gold prices were ruling at Rs 4200 per 10 gm (Rs 4210), while 22 carat gold prices ruled at Rs 3885 (Rs 3895) per 10 gm.

Silver prices also moved down with prices at Rs 7905 per kg (Rs 7975) while raw silver prices ruled at Rs 7775 (Rs 7850).

International gold prices remained weak yesterday with gold prices ruling at $275 levels during intra-day trading, sources said. Silver prices at the international markets were quoted at $ 5.12 per ounce.

"With the demand supply position adjusted for in the festive season, the overseas bullion markets position will determine the price trends at the domestic markets,'' M L Damani, president of the Bombay Bullion Association said.

Cotton: Following were the rates per candy in the spot, cotton market today. Bangal desi Rs 15,100, Jaydhar Rs 17,000, Vagad Rs 14,800, J -34 at Rs 18,300, Y-1 at Rs 17,900 and F-414 at Rs 21,500, LRA at Rs 18,700, H-4 at Rs 20,500 and Shankar 6 at Rs 21,800.

Metals: The prices of non-ferrous metals ruled steady at the Bombay Metals Exchange yesterday.

Following were the rates/ per quintal on the non-ferrous metal exchange today: Copper wire bars Rs 12350, zinc slabs Rs 7900, lead ingots Rs 4500, aluminium ingots Rs 8550, tin Rs 382 per kg and nickel Rs 255 per kg.