MUMBAI, Aug 12: Mumbai bullion market remained officially closed today due to token strike called by the bullion traders to protest against frequent raids and harrassment to the bullion traders by the Income Tax department.In the kerb deals, trading volume was remained at a low ebb. But sentiment of the market was firm on the back of uptrend in the world market.

Silver was quoted higher at Rs 6,375/6,400 per kg against previous closing of Rs 6,350. Standard gold quoted Rs 5 higher at Rs 4,500 per 10 gm. Prices of gold biscuit (116.50 gm.) shot up by Rs 100 to RS 52,700 per piece in the kerb deal.

In Delhi silver forward delivery rose to Rs 6,415/6,420 per kg. Ready delivery was available at a discount of Rs 25/30 per kg against forward delivery, it was learnt. In the world market, the white metal ruled firm at $4.45 per ounce. Gold hardened to $328 per ounce.

Oil,oilseeds ease

Groundnut oil eased further on the oil,oilseeds market here today. Castorseed and its oil ruled steady in the ready delivery while prices turned weak in the forward delivery.

Groundnut oil slide by Rs 2 at Rs 373 per 10 kg amidst lower than expected seasonal demand coupled with improved supplies from southern India. Arrivals from Gujarat region,however,was thin. In Rajkot,prices ruled quiet at Rs 590 per 15 kg.

Imported palm oil slipped to Rs 259 from Rs 262 per 10 kg exclusive of tax as losses in the world market prompted profit taking. Castor oil maintained at the improved level of Rs 270/282 per 10 kg on scattered overseas enquiries.

In Rotterdum castor oil ruled steady at $840 per tonne. Castorseed ready remained unchanged here at Rs 1194/1200 per quintal on nominal transactions.In the futures section castorseed ready extended losses from Rs 1169.50 to Rs 1163 before concluding at RS 1168 per quintal on fresh bull unloading ahead of delivery period. December delivery closed static at Rs 1180 per quintal, but the trading was nominaly.

In Gujarat region castor oil ready delivery ruled subdued at Rs 233 per 20 kg while inflow remained higher at 11000/12000 bags, it was learnt. In Hyderabad,castorseed spot delivery was quoted at Rs 1230 per quintal. Castor oil was available at Rs 267 per 10 kg.

Cotton steady

A steady trend prevailed on the cotton market following limited stocks. Mill demand was restricted.

In Punjab zone, Bengal Deshi were palced at Rs 1075-1120, J-34 saw-ginned at Rs 1825-1975 and F-414 at Rs 2085-2100 a maund spot. Demand from local mills continued.

V-797 were placed at Rs 14,200-14,900, Morbi Wagad at Rs 13,400-13,500 and Kalagin at Rs 12,500 a candy. Sanker average were placed at Rs 17,500-18,500, medium at Rs 19,000-20,000 aand superior at Rs 20,500-22,000. New Bijapur Baramati ruled at Rs 21,500-22,000.

Meanwhile, trade sources place the unsold stock at around 14 lakh bales, consisting of 9 lakh bales with the Maharashtra federation and around 5 lakh bales with the trade.

Sugar quiet

A steady condition was noticed on the sugar market. Activity was modest.M-30 were placed at Rs 1510-1545 and S-30 at Rs 1490-1520 a quintal ex-godown. Ex-octroi checkpost the price ruled at Rs 1480-1490 and at Rs 1455-1465 respectively. Arrivals were around 90 lorryloads

There were no tenders left for the current fortnight. The delivery orders were quoted at Rs 1420-1430.

Yarn steady

A quiet trend prevailed on the yarn market. Demand was limited.Polyester yarn grey first quality of medium-sized units 80dn weft ruled at Rs 100-102, 150dn weft at Rs 85-87, warp at Rs 98-100, single roto at Rs 98 and double roto at Rs 102.

Viscose filament yarns bright cones first quality Century Rayon 150dn ruled at Rs 207, 120dn at Rs 231, 100dn at Rs 251 and 75dn at Rs 257.

Grains weak

A dull-to-weak condition was in evidence on the grains market following lacklustre demand.

Selling pressure increased in inferior wheat which had pushed down the price by Rs 10 a quintal.

illing wheat water-damaged were placed at Rs 575-580 and good quality at Rs 605-610 for Khopoli/Thane delivery. Superior wheat and rice ruled steady.

Among pulses, tur Myanmar old and new were traded at Rs 1025 and at Rs 1100-1125 respectively. Urad Myanmar old were placed at Rs 900-925 and new at Rs 1000. Moong Myanmar average quality were on offer at Rs 900-1000 and good stuff at Rs 1300-1350. New crop Kranataka moong have started coming in very limited quantity and were traded at Rs 2200-2300. Polished quality fetched Rs 2500-2800.

Australian gram were on offer at Rs 1300-1311. Kabuli gram A-2 Turkish were palaced at Rs 1800 and Iranian at Rs 1600-1650. B-2 Turkish were in demand at Rs 1400-1425 and Iranian at Rs 1350-1375. C-2 ruled at Rs 1300-1325.

Copyright © 1997 Indian Express Newspapers (Bombay) Ltd.