Bullion Firms Up, Gnut Oil Up A Notch, Sugar Weak

Groundnut oil ruled slightly firm on better demand at higher reduced levels at the oils and oilseeds market here yesterday. In futures section, castorseeds December contract opened up and advanced towards closing, while the March98 contract ruled steady.

Groundnut oil rose by Re1 at Rs 346 per 10 kg on firm industrial and consumer demand.

Linseed oil and ricebran oil firmed up by Rs 3 and Rs 2 to Rs 275 and Rs 162 per 10 kg on improved industrial demand. Neem oil and rapeseed oil refined gained Rs 5 and Re 1 to Rs 155 and Rs 275 per 10 kg respectively. Imported palmolein firmed up by Re 1at Rs 268 per 10 kg.

In futures, the December contract opened Re1 up at Rs 1,162 and firmed up to Rs 1,169 a quintal. It declined to Rs 1,161 before closing at Rs 1,169. The March98 contract opened Re 1 up at Rs 1,125 a quintal and ruled steady. It declined to Rs 1,120 before closing at Rs 1125.

Castorseeds Madras and Maharashtra qualities firmed up Rs 2 each to Rs 1,197 and Rs 1,191 a quintal respectively.

Sugar: A weak trend was witnessed at the local wholesale sugar market yesterday. Sugar S-30 declined further to Rs 1490/1506 from the previous level of Rs 1500/1541 a quintal on subdued consumer demand. The M-30 grade eased further to Rs 1500/1541 against the previous Rs 1505/1550 a quintal level. Sugar for the check post deliveries were quoted at Rs 1470/1480 a quintal for S-30 and Rs 1485/1510 for the M-30 grade.

Non-ferrous metals: A divergent trend was noticed in the local non-ferrous market. Scraps metals suffered a setback while virgin metals ruled firm-to-steady.

In scraps section, copper utensils and brass utensils dropped Rs 4 each to Rs 104 and Rs 88 a kg respectively on sluggish demand. Brass sheetcuttings and copper heavy scraps eased by Rs 2 and by Re 1 to Rs 96 and Rs 114 respectively, Aluminium utensils ruled steady and were nominally quoted at Rs 62.50 a kg.

In virgin section, tin slabs improved further by Rs 2 at Rs 310 a kg. Copper wirebar eased 50 paise at Rs 127 a kg. Other metals were nominally quoted as: aluminium ingots Rs 82.50, zinc slabs Rs 76, lead ingots Rs 41 and nickel cathodes Rs 312 per kg respectively.

Bullion: A firm-to-upward trend continued in the local bullion market. Both precious metals ruled firm.

In white metals, silver .999 and .916 improved further by Rs 95 each to Rs 6820 and Rs 6720 a kg respectively.

In yellow metals, standard gold and 22 carat gold firmed up further by Rs 5 each to Rs 4205 and Rs 3890 per 10 grams respectively on better advices and improved buyings. Gold biscuit prices rose Rs 100 at Rs 49,200 per bar of 10 tolas on narrow movements.