Soybean Prices Firm Up

Soyoil solvent rose by Rs 200 and soyoil refined was up by Rs 400 on strong undertone.

Soymeal and rapeseed extraction prices were firm on good export demand. Soymeal yellow was $290 per tonne for current season and was $272-275 per tonne for new November-December 1996 delivery season.

Rapeseed extraction was $121 per tonne in export. Rapeseed extraction was Rs 4,150-4,200 free on rail Bedibunder and Rs 4,100-4,150 f.o.r. Bhavnagar.

Castorseed December delivery rose yesterday against lower opening levels on hectic speculative buying, dealers said.

Castorseed December delivery finished at Rs 1,139/1,140 per quintal from its week-end close of Rs 1,126/1,128.

 

The monsoon is playing hide-and-seek in producing centres and the market fears a lower crop, a dealer said.

Groundnut oil moved up to Rs 426/428 per 10 kg from Rs 425/426 on fresh physical buying for approaching festivals. In Rajkot, spot oil gained Rs 15/20 at Rs 680/685 per 15 kg.

Punjab cotton prices fell on selling by stockists while Gujarat varieties were unchanged yesterday, dealers said.

Punjab varieties fell on unloading by stockists on reports of new crop arrivals at producing centres, a dealer said.

In spot deals Bengal-deshi lost Rs 30/35 to Rs 825/860 per maund (37.32 kg). In forward deals, Bengal-deshi was traded at Rs 820/825 for October delivery.

In spot deals Punjab F-414 slid Rs 10 to Rs 1,910/1,930 while Gujarat Kalyan (medium-staple) was steady at Rs 12,000/12,200 per candy (355.56 kg) for average variety.

Gold prices in the Indian sub-continent are seen mixed with demand in India and Dubai rising with the festival season while markets in Pakistan slow down, investors and dealers said yesterday. Things are looking up. The monsoon has now come to an end and India's (traditional) festivals and weddings are due to start in October, said one trader in Dubai.

Mumbai traders said the season had already begun with last week's Coconut Day festival. Demand was expected to last for another two months.

The weekend seizure of 40 kg of unauthorised imported gold worth Rs 20 million by the Mumbai customs is expected to see more inflows, which fell last week.

Arrivals of imported gold may fall in the next few days after the seizure by customs but if customs resumes sale of confiscated gold then supply would be maintained, said Bhayabhai Sanghvi, former vice- president of the Mumbai Bullion Exchange.

Gold prices in Mumbai fell marginally by Rs 8 per 10 grammes to Rs 5,180 in the week to Monday. Gold biscuits (116.50 grammes) slid by Rs 10 at Rs 60,640 a piece in the same period.

Silver on the other hand was steady amid limited activity but sentiment was subdued on reports of higher arrivals of imported silver. Silver fell by Rs 10 per kg on Saturday.

In Dubai, the main feeder market into India which is the world's single largest gold market, traders said the gold market was expected in the next few weeks to gradually recover from subdued summer business.

(Indian Oil Corp (IOC) has bought its first fuel oil cargo for delivery in September at $6.99 over Mideast spot prices on a cost-and-freight basis from Swiss trader Glencore, traders said yesterday, reports Reuter from Singapore. IOC tendered, a week ago, to buy the 25,000 tonnes of 3.5 per cent sulphur 180 centistoke fuel oil cargo for delivery September 11-15 to Goa/Kandla on west coast.

The tender closed August 29 with offers valid for one day.

IOC issued two other tenders later in the week for two cargoes for September 16-20 delivery to Goa/Kandla and Vizag/Haldia on the east coast which closes September 5 and for one cargo for delivery between September 25-29 to Goa/Kandla which closes September 6.

IOC's last fuel oil purchase was for only 14,000 tonnes for August 18-20 delivery to Mangalore/Goa on the west coast at $139 per tonne, also from Glencore.)

Traders said India's demand has resurfaced possibly due to the scheduled maintenance shutdown of IOC's 160,000 barrel-per-day Mathura refinery from September 3-30.