Bullion, Groundnut Oil Ease, Sugar Stays Steady

The weak trend continued in groundnut oil on sluggish demand coupled with brisk arrivals from the producing centres. Other industrial oils ruled better-to-steady at the wholesale oils and oilseeds market, Turbhe, Navi Mumbai yesterday. Imported palmolein also ruled easy on restricted demand.

Groundnut oil declined further by Rs 2 at Rs 350 per 10 kg on sluggish consumer demand. Arrivals from the producing centres remained brisk at around 100 tonne a day. Cottonseed oil washed and refined qualities eased by Re 1 each to Rs 306 and Rs 308 per 10 kg. Mowra oil and copra oil white declined by Rs 5 and Rs 15 to Rs 240 and Rs 535 per 10 kg respectively. Soya oil refined and sunflower oil expeller receded by Rs 4 and Rs 3 to Rs 305 and Rs 325 per 10 kg respectively Imported palmolein eased by Rs 2 at Rs 299 per 10 kg on subdued demand. In futures section, castorseeds March '98 contract opened Re 1 lower at Rs 1173 a quintal and firmed up to Rs 1179. It later declined to Rs 1173 before closing at Rs 1176.50 on speculative movements.

Sugar: An easy-to-steady trend was noticed in sugar prices on subdued consumer offtake and limited arrivals. Both the grades of sugar ruled easy-to-subdued. The undertone of the market remained dull. Sugar M-30 eased to Rs 1488/1526 as against the previous level of Rs 1485/1531 a quintal. Sugar S-30 grade ruled overall steady, and was nominally quoted at Rs 1461/1486. Meanwhile, sugar for the checkpost deliveries were quoted low at Rs 1445/1465 a quintal for S-30 grade and Rs 1470/1500 for the M-30 grade.

Non-ferrous metals: A steady-to-easy trend was noticed in the local non-ferrous metals market yesterday. The demand remained modest. The undertone remained hesitant.

In virgin metals, nickel cathodes slid by Rs 2 at Rs 327 a kg.on improved arrivals. Meanwhile, all the other metals ruled totally quiet, and were nominally quoted as under : copper wirebar Rs 115.50, aluminium ingots Rs 82, zinc slabs Rs 72, lead ingots Rs 39.50 and tin slabs Rs 326 a kg respectively. In scraps, all the metals ruled overall steady, and were nominally quoted as under : copper heavy scraps Rs 106, coppper utensils Rs 94.75, brass utensils Rs 82.75, brass sheetcuttings Rs 88.25 and aluminium utensils Rs.62.50 a kg respectively.

Bullion: A weak trend was noticed in the local bullion market yesterday as both the precious metals declined. The undertone of the market remained weak.

In white metals, silver .999 and .916 declined by Rs 140 each to Rs 8,100 and Rs 8,000 a kg respectively . In yellow metals, both standard gold and 22 carat gold eased by Rs 30 each to Rs 3985 and Rs 3685 per 10 grammes .Gold biscuit prices also weakened by Rs 400 at Rs 46,600 on reduced buying interest.