Bullion Plays A Divergent Note, Sugar Firms Up

Groundnut oil continued to ease on dull demand and modest arrivals, whereas other industrial oils ruled easy-to-steady at the wholesale oils and oilseeds market here yesterday.

Imported palmolein too ruled easy on subdued demand against modest arrivals. Groundnut oil receded further by Re 1 at Rs 356 per 10 kg on reduced demand and improved arrivals from the producing centres. Arrivals were put at around 90/100 tonnes a day. In other oils, kardi oil declined by Rs 5 at Rs 355 per 10 kg on reduced industrial demand, while neem oil eased by Rs 3 at Rs 162 per 10 kg.

The majority of other oils ruled overall steady on narrow movements. In the futures section, December contract opened Rs 2 lower at Rs 1,172. It declined to Rs 1,166.50 before closing at Rs 1,169 a quintal. In oilseeds, castorseeds Madras and Maharashtra qualities declined by Rs 5 each to Rs 1,195 and Rs 1,189 per quintal respectively on reduced industrial demand and better arrivals..

Sugar: A firm-to-upward trend continued on the wholesale sugar market here yesterday. Both grades of sugar ruled upward. The market undertone was firm.

S-30 firmed up to Rs 1,512-1,532 against the previous close of Rs 1,505-1,535 a quintal on improved consumer offtake on account of the current festival. M-30 looked up to Rs 1,535-1,560 as against the previous Rs 1,512-1,555 a quintal. Sugar for the check-post deliveries were quoted low at Rs 1,486-1,500 a quintal for S-30 and at Rs 1,510-1,525 for M-30.

Non-ferrous metals: A firm-to-steady conditions prevailed on the local non-ferrous market yesterday. The market undertone was hesitant. In scraps, copper heavy, copper utensils and brass utensils firmed up by 25 paise each to Rs 119.25, Rs 109.25 and Rs 95.75 a kg respectively on better industrial demand. In the virgin section, nickel cathodes declined by Rs 2 at Rs 321 a kg on dull industrial demand and brisk arrivals. Zinc slabs eased by 25 paise at Rs 87 a kg, while Tin slabs firmed up by Re 1 at Rs 283 a kg on better offtake. Copper wirebar was quoted at Rs 127.50 a kg and lead ingots at Rs 42 a kg respectively..

Bullion: The market witnessed a mixed trend. Gold ruled easy while silver was steady. The market undertone was hesitant. Standard gold and 22 carat eased further by Rs 10 each to Rs 4,470 and Rs 4,135 per 10 grammes respectively on subdued demand coupled with modest arrivals.

Gold biscuits prices ruled overall steady at the previous level of Rs 52,400 per piece of 10 tolas on subdued movements. Both silver.999 and .916 ruled overall steady and were nominally quoted at Rs 6,880 and Rs 6,780 a kg respectively on narrow movements. Delhi advices indicated modest trend.