Bullion On The Ascend, Gnut Oil Up A Notch

Groundnut oil firmed up on improved buying support against limited arrivals whereas other industrial oils ruled easy-to-steady at the wholesale oils and oilseeds markets here yesterday. Imported palmolein suffered a severe setback

Groundnut oil moved up further by Rs 2 at Rs 332 per 10 kg on improved demand coupled with limited arrivals. Arrivals were put at around 90/100 tonnes a day.

Rapeseed oil refined and soya oil refined declined by Rs 5 and Rs 2 to Rs 278 and Rs 286 per 10 kg respectively. Copra oil white recovered by Rs 15 to Rs 545 per 10 kg.

Sunflower oil expeller advanced by Rs 3 at Rs 288 per 10 kg on improved industrial offtake. Castor oil commercial and BSS qualities eased by Re 1 each to Rs 269 and Rs 281 per 10 kg respectively. Imported palmolein lost Rs 6 at Rs 266 per 10 kg on reduced industrial demand.

In futures section, December contract opened Rs 4 lower at Rs 1168 and firmed up to Rs 1171.50 a quintal. It declined to Rs 1167.50 before closing at Rs 1169.50 a quintal. Castorseeds Madras and Maharashtra qualities declined by Rs 5 each to Rs 1195 and Rs 1189 per quintal respectively.

Non-ferrous Metals: A firm-to-upward trend was noticed in the local non-ferrous market yesterday. The demand remained better as against modest arrivals. In scraps section, copper heavy scraps improved by Re 1 at Rs 121.50 a kg on firm overseas advices coupled with improved industrial demand while copper utensils, brass utensils and brass sheetcuttings looked up by 25 paise each to Rs 110.75, Rs 97.25 and Rs 102.50 a kg respectively. Aluminium utensils were nominally quoted at Rs 60 a kg. on narrow movements.

In virgin section, copper wirebar firmed up by 50 paise at Rs 129 a kg on better industrial offtake coupled with limited arrivals. Zinc slabs looked up by 25 paise at Rs 85.50 a kg. Tin slabs improved by Rs 2 at Rs 295 a kg on improved industrial demand coupled with limited inflows.

All the other metals ruled overall steady, and were nominally quoted as under: aluminium ingots Rs 78, lead ingots Rs 41 and nickel cathodes Rs. 325 a kg. respectively on narrow movements.

Bullion: A firm-to-upward trend was noticed in the local bullion market yesterday. Both the precious metals ruled firm However, the undertone of the market still remained hesitant.

In white metals, silver .999 and .916 looked up by Rs 10 each to Rs 6,775 and Rs 6,675 a kg respectively. In yellow metals, standard gold and 22 carat gold firmed up by Rs 10 each to Rs 4390 and Rs 4060 a kg. respectively on firm overseas advices, better demand and modest arrivals. Gold biscuit prices hardened by Rs 100 at Rs 51,500 a piece of gold bar of 10 tolas.

Sugar: The Sugar Merchants' Association remained officially closed yesterday to protest the increase of cess levied by the Navi Mumbai Municipal Corporation.