G'Nut Oil Recedes; Sugar, Metals Rule Weak

Groundnut oil suffered a setback at higher levels on reduced consumer demand and improved arrivals from the producing centres at the wholesale oils and oilseeds market here yesterday. Imported palmolein ruled steady on narrow movements. In the futures section, castor seeds December 97 contract remained untraded, while March 98 opened higher but eased towards closing.

Groundnut oil receded by Rs 3 at Rs 348 per 10 kg on reduced consumer demand. Linseed and soya oil refined improved by Rs 3 and Rs 2 to Rs 308 and Rs 282 per 10 kg respectively. Coconut oil white advanced further by Rs 2 to Rs 580 per 10 kg on improved industrial demand and limited inflows. Castor oil commercial and BSS eased by Re 1 each to Rs 279 and Rs 291 per 10 kg.

In futures section, castor seed March 98 contract opened Rs 2 higher at Rs 1168.50 a quintal and ruled at the same level. It declined to close at Rs 1166.50.

In oilseeds, castorseeds Madras and Maharashtra qualities declined by Rs 5 each to Rs 1,243 and Rs 1,237 a quintal respectively on reduced industrial offtake. Kardi and niger seeds improved by Rs 15 each to Rs 1,200 and Rs 1,400 per quintal.

Sugar: An easy trend continued in sugar prices at the local wholesale sugar market. Both the grades ruled weak. Sugar S-30 eased further to Rs 1,460/1,490 from the previous level of Rs 1470/1495 a quintal on sluggish consumer demand. Sugar M-30 declined to Rs 1,486/1,525 a quintal from the previous level of Rs 1495/1531. Sugar for check post deliveries was quoted low at Rs 1,445/1,468 a quintal for S-30 and Rs 1,475/1,495 for M-30 grade.

Non-ferrous metals: An easy-to-steady trend was witnessed in the local market yesterday. Nickel firmed up. In virgin metals, nickel cathodes firmed up further by Rs 4 at Rs 334 a kg. Copper wirebar eased by 50 paise at Rs 119 a kg on subdued industrial demand. All the other metals ruled overall steady and were quoted as: aluminium ingots Rs 82.50, zinc slabs Rs 75, lead ingots at Rs 40 and tin slabs Rs 342 a kg.

In scraps, copper heavy scraps declined by 50 paise at Rs 108 a kg on dull offtake while copper utensils and brass sheetcuttings eased 25 paise each to Rs 96 and Rs 89.25 a kg. All the other metals ruled overall steady and were quoted as: brass utensils Rs 83.50, and aluminium utensils Rs 62.75 a kg.

Bullion: A divergent trend was witnessed in the local market yesterday. Both the precious metals ruled in opposite direction.In white metals, silver .999 and .916 dipped further by Rs 25 each to Rs 8,135 and Rs 8,035 a kg respectively on dull overseas advices and sluggish demand at higher levels.

In yellow metals, standard gold and 22 carat gold firmed up by Rs 5 each to Rs 3,925 and Rs 3,630 per 10 grams on modest overseas advices and better local demand. Gold biscuit prices ruled steady and were quoted at Rs 45,900 per piece of gold bar.