G'Nut Oil Slides By Rs 40; Metals, Bullion Mixed

Groundnut oil continued to decline while most other edible oils ruled easy-to-steady at the wholesale oils and oilseeds market, Navi Mumbai yesterday. Imported palmolein ruled weak. In futures, December 1998 contract opened steady and firmed up towards closing.

Groundnut oil fell further by Rs 40 at Rs 470 per 10 kg on sluggish demand backed by brisk arrivals mainly from the southern states and Gujarat. Copra oil white and soy oil refined declined by Rs 5 and Rs 10 to Rs 535 and Rs 377 per 10 kg, respectively, on dull consumer demand. Sesame oil firmed up by Rs 5 at Rs 460. Imported palmolein eased further by Rs 3 at Rs 372 per 10 kg on dull offtake against better availability.

In futures, December contract opened steady at its previous closing level of Rs 1,656 a quintal and firmed to Rs 1664. It, however, declined to Rs 1656 before closing to Rs 1660 a quintal on speculative movements.

Sugar: A mixed trend was seen yesterday. Small grades stayed subdued while medium grades ruled firm. The undertone was weak. S-30 grade eased to Rs 1450/1480 against its previous level of Rs 1458/1480 a quintal on dull consumer demand due to the end of the festive season. The stock availability was easy. M-30 firmed up to Rs 1482/1540 a quintal against its previous level of Rs 1475/1540 on improved consumer demand.

Sugar for the check-post deliveries was quoted higher at Rs 1445/1460 a quintal for S-30 and Rs 1470/1490 a quintal for M-30.

Non-ferrous metals: A steady-to-easy trend was witnessed yesterday with both sections of metals ruling quiet.

In virgin metals, zinc slabs eased by 50 paise at Rs 74.50 a kg on dull industrial offtake against easy arrivals. The other metals ruled steady and were nominally quoted as under : copper wirebar Rs 113.50, aluminium ingots Rs 86.00, lead ingots Rs 45.00, tin slabs Rs 382 and nickel cathodes Rs 251 a kg respectively.

In scraps, all metals ruled steady and were nominally quoted as under:/P>

Silver .999 and .916 improved by Rs 95 and Rs 105 to Rs 7,475 and Rs 7,370 a kg, respectively, on firm overseas advices coupled with modest industrial demand in the local market. Standard gold declined by Rs 5 to Rs 4290 per 10 grams on weak overseas advices coupled with subdued demand. 22 carat gold ruled steady and was nominally quoted at Rs 3970 per 10 gram.

Gold biscuits prices also ruled steady and was nominally quoted at Rs 50,300 per piece.