Bullion Gleams On Festive Season Demand

Groundnut oil yesterday recovered by Re 1 to Rs 351 per kg on improved offtake and normal arrival from the upcountry centres at the wholesale oils and oilseeds market at Turbhe in Navi Mumbai. Arrivals were put at 75-80 tonnes a day.

Imported palmolein fell from higher levels because of improved arrivals from procuding centres. In futures, castorseeds December and March 1998 contracts opened steady but eased towards closing.

Among other oils, kardi oil and cottonseed oil washed declined by Rs 2 each to Rs 328 and Rs 285 per 10 kg while coconut oil white and sesame oil were up by Rs 25 and Rs 17 to Rs 535 and Rs 305 per 10 kg. Cottonseed oil refined and ricebran oil looked up by Rs 4 and Rs 2 to Rs 294 and Rs 170 per 10 kg respectively. Imported palmolein eased by Re 1 to Rs 265 per 10 kg.

In futures, December contract opened at Rs 1,172.50 and firmed up to Rs 1,173 a quintal before closing at Rs 1,168 a quintal. March 1998 contract opened at Rs 1,163 and closed at Rs 1,152 a quintal.

Sugar: Both medium and small grade sugar ruled weak. While sugar S-30 eased to Rs 1,498-1506 from Rs 1,515-1560 a quintal M-30 fell to Rs 1,515-1,560 from Rs 1,515-1,564 a quintal. Sugar for the check post deliveries were quoted low at Rs 1,480-1,490 a quintal for S-30 grade and Rs 1,500-1,510 for the M-30 grade.

Non-ferrous Metals: An easy to steady trend continued in the local non-ferrous market yesterday. In scraps section, copper heavy scraps declined by 50 paise at Rs 116.50 a kg, while copper utensils, brass utensils and brass sheet cuttings eased by 25 paise each to Rs 108.25, Rs 94.25 and Rs 100.25 a kg. Aluminium utensils were nominally quoted at Rs 62 a kg.

In virgin section, tin slabs declined by Re 1 at Rs 307 kg because of better arrivals while zinc slabs declined further by 25 paise to Rs 82 a kg. All the other metals ruled overall steady and were nominally quoted as under: copper wire bar Rs 128, aluminium ingots Rs 82, lead ingots Rs 41.50 and nickel cathodes Rs 315 a kg respectively on narrow movements.

Bullion: Both silver and gold recovered from lower levels yesterday because of better demand. The market undertone was, however, not firm.

In white metals, silver both .999 and .916 firmed up by Rs 70 each to Rs 6,990 and Rs 6,890 a kg, respectively. Delhi advices, as well as the overseas advices, indicated a firm trend.In yellow metals, standard gold and 22 carat gold were up by Rs 20 each to Rs 4,350 and Rs 4,025 per 10 gram on firm overseas demand and better demand with the festive season fast approaching Gold biscuits, too, improved by Rs 100 to Rs 51,100 per piece of 10 tolas.