G'Nut Oil Slides By Rs 12; Sugar, Bullion Subdued

A weak trend was noticed in groundnut oil at improved levels while most of the other edible oils ruled easy to subdued at the wholesale oils and oilseeds market yesterday. Imported palmolein ruled weak. In the futures market, September'98 contract remained untraded, while December'98 opened lower at Rs 1,889 a quintal and closed at Rs 1,900.

Groundnut oil declined by Rs 12 at Rs 578 per 10 kg, on sluggish consumer demand on account of the ongoing slack season against thin arrivals. In other oils, castor oil commercial and BSS declined by Rs 14 each to Rs 533 and Rs 545 per 10 kg, respectively. Sesame oil firmed by Rs 10 at Rs 440 on better industrial demand. Sunflower oil expeller eased by Rs 3 to Rs 425. Imported palmolein declined by Rs 6 at Rs 378 per 10 kg on ample supplies against dull demand.

Castorseeds Madras and Maharashtra qualities dropped by Rs 68 each to Rs 2,462 and Rs 2,456 a quintal, respectively.

Sugar: An easy to subdued conditions continued prevailed at the wholesale sugar market. The undertone of the market was weak. Sugar S-30 eased to Rs 1,395/1,445 a quintal from the previous level of Rs 1,400/1,440 on sluggish consumer demand against easy supplies. Arrivals from the upcountry were normal to easy. M-30 weakened to Rs 1,435/1,505 a quintal against its previous level of Rs 1,435/1,510 .Sugar for check-post deliveries were quoted lower at Rs 1,378/1,390 a quintal for S-30 and Rs 1,407/1,415 a quintal for M-30 grade.

Non-ferrous metals: Mixed conditions were noticed in the local non-ferrous metals market. Scraps metals ruled easy while virgin metals ruled steady.

In the scraps section, copper heavy scraps declined by Re 1 to Rs 106 a kg on weak industrial demand against brisk upcountry arrivals. Copper utensils, brass utensils and brass sheet cuttings eased by 25 paise each to Rs 93.50, Rs 86.50 and Rs 88.75 a kg, respectively.. Aluminium utensils was quoted at Rs 63.50 a kg.

In virgin metals, copper wirebar eased by 50 paise at Rs 119.50 a kg on sluggish industrial offtake and improved inflows from the producing centres. Zinc slabs improved by 50 paise to Rs 79 a kg. The following metals were quoted as under : aluminium ingots Rs 86, lead ingots Rs 45.50 and tin slabs Rs 370, respectively.

Bullion: A weak sentiment prevailed at the local bullion market. Both the precious metals ruled dull. Silver .999 and .916 dropped by Rs 195 and Rs 210 to Rs 7,380 and Rs 7,255 a kg, respectively on weak overseas advices which encouraged offerings in the local market. The demand remained dull on account of the present slack season. Delhi advices also indicated discouraging trends.

Standard gold and 22 carat gold declined by Rs 55 each to Rs 4,175 and Rs 3,860 per 10 grams on weak overseas advices.