Bullion Keeps Steady, Gnut Oil Falls Afresh

Groundnut oil declined further on improved arrivals from the upcountry centres. The demand remained sluggish,whereas other industrial oils ruled easy to steady at the wholesale oils and oilseeds market, Turbhe, Navi Mumbai yesterday.

Groundnut oil declined further by Rs.3 at Rs.350 per 10 kg.on reduced demand at higher levels and improved arrivals from the producing centres. Arrivals were put at around 80 tonnes a day.

Linseed oil and ricebran oil declined by Rs 2 and Rs 4 to Rs 270 and Rs 168 per 10 kg respectively on dull industrial demand and better inflows. Imported palmolein weakened by Rs 2 at Rs 266 per 10 kg on sluggish industrial demand coupled with modest arrivals. Meanwhile, majority of other oils ruled overall steady on narrow movements. In the futures section, December contract opened Rs 2 up at Rs 1174 and firmed up to Rs 1175 a quintal. It declined and closed at Rs 1172.50 a quintal on narrow movements. March98 contract opened at Rs 1174 and closed at Rs.1163 a quintal on narrow movements. All oilseeds ruled overall steady.

S ugar : An easy to dull trend was witnessed at the wholesale sugar market at Turbhe, Navi Mumbai yesterday. Both grades ruled weak. The undertone of the market was not firm. S-30 eased to Rs 1500/1528 from the previous level of Rs 1,505/1,528 a quintal on dull consumer demand coupled with normal arrivals. M-30 receded to Rs 1,515/1,564 against the previous level of Rs 1,525/1,568 a quintal on improved inflow and reduced consumer offtake.

Non-ferrous metals : An easy to steady trend was witnessed in the local non-ferrous market yesterday. Both types of metals ruled easy on subdued offtake on brisk inflows. The undertone of the market was weak. Copper heavy scraps declined by Re 1 at Rs 117 a kg.on reduced industrial demand and better arrivals.. Nickel cathodes and tin slabs declined by Rs 3 and Rs 2 to Rs 315 and Rs.308 kg.on reduced industrial demand. Zinc slabs eased by 50 paise at Rs 82.25 a kg.on dull industrial demand. Meanwhile, all the metals ruled overall steady and were nominally quoted as under :coppper wirebar Rs.128, aluminium ingots Rs.82 and lead ingots Rs.41.50 a kg.respectively on narrow movements.

Bullion : An easy to steady trend was noticed in the local bullion market yesterday. Both the precious metals ruled overall steady . The under.tone was not firm.

Both Silver.999 and .916 were nominally quoted at Rs.6920 and Rs.6820 a kg.respectively on narrow movements. Overaseas advices also indicated a weak trend. The demand remained dull. Delhi advices also indicated a subdued trend.Standard gold and 22 carat gold ruled steady and were nominally quoted at Rs.4330 and Rs.4005 a kg. respectively on narrow movements. The demand remained nominal and arrivals modest. Gold biscuit prices also ruled steady at Rs.51,000 a piece of gold bar of 10 tolas.