Soybean Prices Firm On Buying Support

Dealers said traders were estimated to be purchasing around 3,000 tonnes per day from the markets while arrivals were around 10,000 tonnes per day in central Indian markets yesterday.

Soyoil prices were firm on good demand at lower price level. Prices were up by Rs 300 per tonne. Business volume was good and the undertone was steady.

Soymeal prices remained down on very limited export demand. Soymeal yellow was $268-269 for ready shipment and was $267-268 per tonne for January shipment.

Rapeseed extraction was $135-136 per tonne in exports. Rapeseed extraction was Rs 4,600 f.o.r Bedibunder and was Rs 4,550-4,575 f.o.r. Bhavnagar.

 

Cotton prices recovered after recent losses on easing pressure of new crop arrivals as well as reports that the Indian government has allowed fresh export of 100,000 bales (170 kg each), dealers said yesterday.

Indian government on Thursday allowed Cotton Corporation of India to export this quantity, said M B Lal, chairman of Cotton Corporation of India. Now we will buy more cotton in the coming days from producing centres..

In spot deals Bengal-deshi rose by Rs 10 to Rs 830/860 per maund (37.32 kg) while Punjab saw-ginned rose by the same margin to Rs 1,430/1,600.

Sugar prices held steady in a narrow price band yesterday on continued bulk by consumers for the forthcoming wedding season, dealers said.

Overall supplies were limited and volumes were low.

Ready delivery sugar S-30 remained quiet at Rs 1,225/1,253 per quintal while M-30 was steady at Rs 1,250/1,312 per quintal.

Sugar mill delivery on the other hand fell by Rs 5/10 to Rs 1,140/1,150 per quintal on sluggish demand from outstation buyers which in turn triggered offerings by the mill owners.

Copper prices weakened yesterday on improved arrivals amid fresh offerings by the state-owned Hindustan Copper Ltd, dealers said.

Other base metals finished steady. Ready copper fell by Rs 50 at Rs 12,700 per quintal. Sluggish physical enquiries also kept market quiet, one dealer said.

Zinc gained by Rs 25 at Rs 6,475 on a shortage of ready stock and fresh physical support. Lead was unchanged at Rs 4,450. Tin was steady at the improved level of Rs 35,100. Nickel was quiet at Rs 37,100 and aluminium at Rs 7,300. Overall volumes were dull.

Gold & silver opened higher aided by a firm world trend and gained further by close on wedding season demand, dealers said.

Landing costs of imported silver and gold have gone up due to higher world prices and a firm dollar, said a dealer.

Limited arrivals of imported gold and some seculative buying have helped prices to come out of recent lows, he said. On Thursday gold was quiet.

Gold biscuit (116.50 grammes each) settled Rs 200 higher at Rs 59,100.