Bullion, Oil Firm While Sugar Weak

Bullion: Sentiment stayed firm in the local bullion market during last week. Both the precious metals stayed firm on firm overseas market.

Silver .999 which opened firm at Rs 7,350 per kg on Monday and advanced further to close at Rs 7,535 on Saturday, the week-end on strong international advices, better out-of-state demand and normal selling pressure locally.

Industrial offtake also remained firm. Silver.916 opened firm at Rs 7,235 a kg and gained Rs 165 to end at Rs 7,420 a kg during the week.

Standard gold opened with a firm note at Rs 4,370 per 10 gram on Monday and firmed up further to close at Rs 4,575 on Saturday on firm international advices coupled with firm consumer demand.

The cacuse of fluctuations in yellow metal prices is said to be there price movements overseas. Gold 22 carat ruled firm and improved by Rs 190 to close at Rs 4,230 per 10 gramms during the week.

Gold biscuits (116.50 gm piece) prices ruled firm too and gained Rs 2,500 at Rs 53,700 per piece on better movements during the week.

Oils and Oilseeds: The local oils and oilseeds market displayed a firm tendency during the last week owing to improved offtake coupled with restricted arrivals from the upcountry centres. The demand for most of the edible oil varities remained better to firm during the week under review.

Groundnut oil commenced with a dull note at Rs 345 per 10 kg on Monday but it improved to close at Rs 385 per 10 kg on Saturday, the week-end on renewed consumer offtake against reduced arrivals. The arrivals from AP, Karnataka and MP remained limited at about 12-15 trucks per day.

Cottonseed oil washed and copra oil white improved by Rs 8 each to Rs 290 and Rs 295 per 10 kg respectively on better industrial demand coupled with firm overseas advices.

Castor oil commercial and FSG qualities eased by Rs 2 each to Rs 235 and Rs 247 per 10 kg respectively on dull industrial demand coupled with easy availability of ready stock.

Imported RBD palmolein and imported soya oil refined held overall steady at Rs 230 and Rs 252 per 10 kg respectively on subdued enquires.

In oilseeds, kardiseeds and nigerseeds improved by Rs 30 and Rs 10 to Rs 1,150 and Rs 1,660 per quintal respectively on firm industrial demand against limited inflows of ready stock from the upcountry centres. Castorseeds eased by Rs 10 at Rs 1,025 a quintal on dull movements during the week.

Non-ferrous metals: A mixed trend was witnessed in the local non-ferrous metals mart during the last week. Virgin metals ruled easy to steady while scraps metals ruled overall steady. The undertone of the market hinted weakness.

In virgins, nickel cathodes improved by Rs 4 at Rs 465 a kg on improved demand and reduced arrivals from upcountry centres. Copper wirebar and zinc slabs looked up by 50 paise each to Rs 134.00 and Rs 80.50 a kg respectively on limited availability of ready stock.

Tin slabs and lead ingots eased by Re 1 and by 50 paise to Rs 372 and Rs 39.00 a kg on dull industrial interest.

Meanwhile, aluminium ingots held overall steady at Rs 39.00 a kg on narrow movements during the week.

In scraps, copper utensils and brass utensils weakened by 50 paise each to Rs 107.00 and Rs 94.50 a kg respectively on weak overseas advices coupled with subdued industrial demand.

Meanwhile, all the metals ruled overall steady and were nominally quoted as under : Copper heavy scraps Rs 120, brass sheetcuttings Rs 99.50 and aluminium utensils Rs 75.50 a kg respectively on narrow movements during the week.

Sugar: A weak trend was noticed in the indigenous sugar prices at the Turbhe wholesale sugar market at Navi Mumbai during the last week.

The demand was almost mixed against easy arrivals. Both the grades ruled dull. Small grade sugar commenced with a dull note at Rs 1,450/1,480 a quintal on Monday and weakened to close at Rs 1,435/1,470 on Saturday at the week-end on dull demand against easy availability of ready stock.

Medium grade commenced with an easy note at Rs 1,490/1,540 a quintal on Monday and weakened further to end at Rs 1,485/1,530 on Saturday, on weak local as well upcountry offtake.