Bullion, Sugar Decline, Groundnut Oil Easy

Groundnut oil ruled easy on reduced demand coupled with moderate arrivals from the upcountry centres yesterday while other industrial oils ruled easy to steady at the wholesale oils and oilseeds market in Turbhe, Navi Mumbai. Imported palmolein ruled easy on better arrivals. In future section, Castorseeds March97 contract remained untraded, while June97 contract opened higher and advanced further towards closing.

Groundnut oil eased by Rs 2 at Rs 339 per 10 kg on reduced offtake. Arrivals were at 110/120 tonnes a day. Mowra oil and sesame oil eased by Rs 5 each to Rs 260 and Rs 295 per 10 kg respectively on dull industrial demand. Karanji oil and sunflower oil expeller declined by Rs 5 and Rs 3 to at Rs 210 and Rs 265 per 10 kg respectively on dull demand. Imported palmolein eased by Re 1 at Rs 265 per 10 kg on slack offtake.. In futures, castorseeds June97 contract opened Rs 1.50 higher at Rs 1215 and shot up to Rs 1231 a quintal. It declined to Rs. 1215 before closing at Rs 1226 a quintal on speculative shortcoverings. Castorseeds Madras and Maharashtra qualities firmed up further by Rs 9 each to Rs 1123 and Rs 1108 a quintal respectively on better offtake.

Sugar: An easy to downward trend witnessed in sugar prices at the wholesale sugar market at Turbhe yesterday. Demand remained sluggish against better inflows. Sugar S-30 grade declined to Rs 1280/1308 a quintal against the previous level of Rs 1280/1310 a quintal on slack demand and improved arrivals. Sugar M-30 grade eased to Rs 1305/1370 from the previous level of 1315/1376 a quintal on reduced offtake. Sugar for the check post deliveries were quoted easy at Rs 1258/1280 a quintal for S-30 grade and Rs 1280/1330 for the M-30.

Non ferrous metals: Tin continued to decline while other metals except nickel and lead ruled firm in the local non-ferrous market yesterday. A reduction of customs duty has kept affecting market prices. Tin slabs declined further by Rs 3 at Rs 315 a kg on dull industrial demand and brisk arrivals, while nickel cathodes and lead ingots eased by Re 1 and 25 paise to Rs 372 and Rs 45.25 a kg respectively on dull demand and improved arrivals. Copper wirebar and zinc slabs firmed up by 50 paise and 25 paise to Rs 133.50 and Rs 75.75 a kg. respectively on bullish demand. In scraps section, copper heavy scraps and brass sheetcuttings firmed up by 50 paise each to Rs 120.50 and Rs 95 a kg respectively on better industrial demand and limited arrivals. Copper utensils hardened by 25 paise at Rs 108.25 a kg. Brass utensils and aluminium utensils were nominally quoted at Rs 92 and Rs 59 a kg.

Bullion :A dull to downward trend was noticed in the local bullion market. Both the precious metals suffered a setback on slack industrial offtake.

Silver .999 and .916 declined by Rs 95 each to Rs 7555 and Rs 7455 a kg on reduced demand coupled with improved arrivals. Overseas advices also indicated a weak trend. Industrial offtake remained subdued.Standard gold and 22 carat gold weakened by Rs 55 and Rs 50 to Rs 4895 and Rs 4530 per 10 grams respectively. Gold biscuits declined by Rs 1000 Rs 57,300 per piece of 10 tolas.