Bullion Firms Up, Gnut Oil Steady, Sugar Declines

Groundnut oil ruled steady while other industrial oils ruled easy-to-subdued at the wholesale oils and oilseeds market here yesterday. Imported palmolein ruled easy on subdued demand on modest arrivals. In futures, castorseeds September contract opened lower but firmed up further towards closing.

Groundnut oil was nominally quoted at Rs 360 per 10 kg on narrow movements. Arrivals were put at around 80/85 tonnes a day.

Mowra oil and neem oil declined by Rs 7 and Rs 5 respectively to Rs 243 and Rs 170 per 10 kg. Copra oil white improved Rs 5 at Rs 545 per 10 kg on renewed industrial offtake. Castorseed September contract opened at Rs 1.50 up at Rs 1138 and firmed up to Rs 1141.50 a quintal. It declined to Rs 1138 before closing at Rs 1140.50. Castor seeds Madras and Maharashtra qualities declined Rs 6 each to Rs 1118 and Rs 1102 per quintal respectively.

Sugar: A downward trend was seen at the wholesale sugar market. Demand remained subdued on account of the rainy season.

Sugar S-30 eased to Rs 1455/1470 against the previous Rs 1455/1480 a quintal on reduced demand coupled with better availability. Sugar M-30 softened to Rs 1480/1524 as against of the previous level of Rs 1485/1528 a quintal. Sugar for the check post deliveries were quoted at Rs 1420/1435 a quintal for S-30 grade and Rs 1445/1470 for M-30.

Non-ferrous Metals: A weak-to-downward trend was noticed following the weak overseas advices in the local market yesterday. In scraps, copper heavy scraps declined further by 50 paise at Rs 126.50, while copper utensils, brass utensils and brass sheetcuttings eased by 25 paise each to Rs 115, Rs 96 and Rs 101.25 a kg , respectively. Aluminium utensils ruled steady and were nominally quoted at Rs 59.50 a kg.

In virgin section, copper wirebars declined 50 paise to Rs 136.50 a kg on easy demand and dull LME advices. Tin slabs and nickel cathodes declined by Re 1 each to Rs 291 and Rs 340 a kg respectively. Aluminium ingots, zinc slabs and lead ingots ruled overall steady and were nominally quoted at Rs 77, Rs 81 and Rs 41 a kg.

Bullion: An upward trend was noted in both the precious metals in the local bullion market. Both the precious metals improved following a rise in import licence premiums, restricted arrivals on accounts of the seizure of good quantity of bullion by the customs departments and the firming up of prices at London market.

Standard gold and 22 carat gold recovered further by Rs 50 and Rs 45 to Rs 4390 and Rs 4,060 per 10 grams respectively. Gold biscuits prices firmed up by Rs 500 at Rs 51,300 per 10 tolas. Market circles said, premium of gold import licence rose to Rs 11.25 from Rs 9.75. In white metals, silver.999 and .916 improved further by Rs 115 each to Rs 6265 and Rs 6165 a kg respectively on the better overseas advices only.