Bullion Turns Divergent, Groundnut Oil Steady
Groundnut oil ruled steady at Rs 404 per quintal due to supply and demand being well matched in the oils and oilseeds market yesterday. Groundnuts ready was quiet at Rs 1970. Imported palmolein moved down by a rupee to Rs 370 from the last close of Rs 371 owing to fresh arrivals.
Castorseeds futures dropped sharply on heavy bull unloading and profit-taking. Castorseeds June opened lower at Rs 1277 on overnight selling.
Later, prices dropped sharply on heavy selling pressure by leading operators to book profits and closed at the days low level of Rs 1267.50 from the previous close of Rs 1279.50.
The industrial sector ruled weak. Castorseeds and its oil declined due to lack of enquiries from shippers and soap manufacturers.
Linseed oil reacted sharply in the absence of buying interest from the paint industry.
Castor oil commercial eased by a rupee to Rs 278. Castorseeds ready Madras eased by Rs five to Rs 1238 from Rs 1243.
Linseed oil slumped by Rs five to Rs 365. Linseeds ready was trading quietly and was quoted around Rs 1400.
Bullion: A divergent trend was witnessed in the precious metals at the bullion market yesterday.
Silver reacted moderately owing to lack of industrial buying and fresh supplies through arrivals of raw silver.
Weak overseas advices further depressed the sentiment. Silver ready .999 dropped by Rs 30 to Rs 8800, and tenderable silver also lost Rs 30 to close at Rs 8805. Raw silver .916 slumped by Rs 60 to Rs 8650.
Gold firmed up moderately, aided by better overseas advices and seasonal demand. Standard gold improved by Rs 10 to Rs 4270. 22-carat gold was nominally quoted higher by Rs 10 to Rs 3950.
Ten-tola gold bar of .999 purity hardened by rising from Rs 200 to Rs 50,100.
Meanwhile, a divergent trend prevailed on the local New
Delhi bullion market where gold firmed up and silver suffered a setback keeping pace with the international markets yesterday.
Gold, both standard and ornaments grade, catapulted by Rs 25 at Rs 4,325 and Rs 4,175 per 10 gm, respectively, in sympathy with the prices on the London Metal Exchange moved up by 25 cents at $312.65 an ounce coupled with emergence of demand from local jewellers.
Silver .999 ready declined by Rs 75 at Rs 8,850 per kg on increased arrivals while prices at London Metals Exchange slipped by two cents at $6.32 an ounce.
The demand from local jewellers and industrial users was also reported very low. Silver weekly delivery also lost Rs 55 and closed at 8,810 per kg. Silver coins did not lag behind and lost Rs 100 at buyers at end per 100 pieces.