Bullion Divergent, Sugar, Groundnut Oil Steady

A slightly firm trend was witnessed in groundnut oil whereas other industrial oils ruled easy to subdued at the wholesale oils and oilseeds market, Turbhe, Navi Mumbai yesterday. Imported palmolein also showed an easy trend on subdued demand. In future section, castorseeds June contract remained untraded while September contract opened lower but dipped further towards closing.

Groundnut oil looked up by Re 1 at Rs 359 per 10 kg on better demand coupled with slightly reduced arrivals on account of the recent untimely rain in Saurashtra Gujarat, leading oil producing regions. Arrivals were put at around 70/80 tonnes a day.

In other oils, soya oil refined and sunflower oil expeller declined by Rs 3 each to Rs 292 and Rs 270 per 10 kg respectively on reduced industrial offtake followed by brisk arrivals. Sesame oil suffered a setback by Rs 10 to 10 kg on dull industrial demand and improved arrivals. Imported palmolein ruled eased by a rupee at Rs 275 per 10 kg on subdued demand. Meanwhile, majority of other oils ruled overall steady.

In futures section, castorseeds September contract opened 50 paise lower at Rs 1142.50 and ruled steady at the same level. It declined to Rs 1138 before closing at Rs 1138.50 a quintal. In oilseeds, all the oilseeds ruled overall steady on narrow movements.

Sugar: A firm to steady trend was noticed at the wholesale sugar market at Turbhe, Navi Mumbai yesterday. The prices of small grade variety looked up while that of medium grade ruled overall steady.

Sugar S-30 grade firmed to Rs 1425/1462 as against the previous level of Rs 1420/1460 a quintal on better demand and moderate arrivals. While sugar M-30 ruled overall steady at the previous level of Rs 1465/1495 a quintal. Meanwhile, sugar for the check post deliveries were quoted easy at Rs 1395/1415 a quintal for S-30 grade and Rs 1430/1456 for the M-30 grade.

Non-ferrous metals: An easy to steady trend was noticed in the local non-ferrous market yesterday. Industrial demand remained moderate as against subdued arrivals. In virgin section, nickel cathodes declined by Rs 2 at Rs 364 a kg on reduced industrial demand coupled with brisk arrivals, while copper wirebar eased by 50 paise at Rs 137 a kg on modest offtake against improved inflows. Meanwhile, all the other metals ruled overall steady and were nominally quoted as under: aluminium ingots Rs 77, zinc slabs Rs 81, lead ingots Rs 41 and tin slabs Rs 312 a kg respectively.

In scraps section, a steady trend was noticed in scraps metals prices. All the metals ruled overall steady and were quoted as under: copper heavy scraps Rs 126, copper utensils Rs 114.25, brass utensils Rs 96.50, brass sheetcuttings Rs 101.50 and aluminium utensils Rs 60 a kg respectively.

Bullion: A divergent trend was witnessed in the local bullion market yesterday. Both the precious metals ruled in opposite directions. The market undertone was weak.

In white metals, silver .999 and .916 firmed up by Rs 10 each to Rs 6840 and Rs 6740 per kg respectively on better offtake coupled with better overseas advices. Delhi advices indicated a subdued trend. In yellow metals standard gold and 22 carat gold declined further by Rs 15 each to Rs 4740 and Rs 4385 per 10 grams respectively.Gold biscuits prices also weakened by Rs 250 at Rs 55,400 per piece of 10 tolas.