Bullion Weak, Groundnut Oil Better, Sugar Divergent

Groundnut oil improved on better offtake while other industrial oils ruled easy-to-subdued at the wholesale oils and oilseeds market, Turbhe, Navi Mumbai yesterday. Imported palmolein ruled firm on better demand against weak arrivals. In futures, castorseeds September contract opened higher and firmed up further towards closing.

Groundnut oil rose by Rs 2 at Rs 364 per 10 kg on improved demand at reduced level and restricted inflows. Mowra oil and copra oil white declined by Rs 10 and Rs 5 to Rs 240 and Rs 535 per 10 kg on reduced industrial demand, coupled with better arrivals. Neem oil and ricebran oil looked up by Rs 5 and Rs 3 to Rs 165 and Rs 165 per 10 kg.

In futures section, castorseed September contract opened Rs 4.50 higher at Rs 1141 and firmed up to Rs 1148 a quintal. It declined to Rs 1141 before closing at Rs 1147.50.

Sugar: A divergent trend was noticed at the wholesale sugar market. Sugar small grade firmed up while medium grade ruled slightly easy. Undertone of the market was not firm.

Sugar S-30 firmed up to Rs 14801500 as against the previous Rs 14651490 a quintal on better demand and limited availability. While sugar M-30 eased to Rs 15001535 a quintal as against the previous level of Rs 1500-1540. Sugar for the check post deliveries were quoted low at Rs 14381450 a quintal for S-30 and Rs 4551480 for the M-30 grade.

Non-ferrous metals: A firm-to-steady trend was noticed in the local non-ferrous market yesterday, following weak overseas advices.In scraps section, copper heavy scraps and copper utensils firmed up 50 paise each to Rs 126.50 and Rs 114.75 a kg respectively. Brass utensils and sheetcuttings looked up 25 paise each to Rs 96 and Rs 101.25 a kg respectively. Aluminium utensils ruled overall steady and were nominally quoted at Rs 59.50 a kg.

In virgin section, copper wirebar and zinc slabs looked up by 50 paise each to Rs 136.50 and Rs 81.50 a kg respectively. Other metals like aluminium ingots, lead ingots, tin slabs and nickel cathodes ruled steady and were nominally quoted at Rs 77, Rs 41, Rs 290 and Rs 338 a kg respectively.

Bullion: An easy-to-downward trend was noticed in the local bullion market. Both the precious metals showed weakness following improved arrivals and weak overseas advices.

In yellow metals, standard gold and 22-carat gold eased Rs 5 each to Rs 4450 and Rs 4,115 per 10 grams respectively on reduced demand, improved availability and the weak London advices. Gold biscuit prices declined Rs 100 to Rs 52,000 per piece of 10 tolas on subdued movements.

In white metals, silver.999 and .916 declined Rs 45 each to Rs 6275 and Rs 6170 a kg respectively on improved inflows, reduced demand and dwindling overseas advices.