G'Nut Oil, Soybean Firm Up, Sugar Divergent

Groundnut oil advanced further on improved demand coupled with restricted arrivals, whereas other industrial oils ruled easy-to-steady at the wholesale oils and oilseeds market here yesterday. It firmed up further by Rs 5 at Rs 344 per 10 kg on better industrial and consumer demand.

Mowra oil and karanji oil improved by Rs 2 each to Rs 232 and Rs 155 per 10 kg respectively. Soya oil refined and sunflower oil expeller advanced by Rs 3 and Rs 5 to Rs 273 and Rs 310 per 10 kg on improved industrial demand coupled with limited inflows. Imported palmolein firmed up by Re 1 at Rs 275 per 10 kg.

In future sections, castor seed March98 contract opened at Rs 1165 and firmed up to Rs 1166 a quintal. It fell to Rs 1165 before closing at Rs 1165.50. Kardi seeds and nigerseeds improved further by Rs 25 and Rs 10 to Rs 1175 and Rs 1375 a quintal respectively on better industrial demand and limited arrivals.

Sugar : A divergent trend was witnessed in sugar prices at the wholesale sugar market yesterday. Both the grades ruled in opposite directions. The undertone of the market remained hesitant. S-30 weakened further to Rs 1471/1496 from the previous level of Rs 1480/1501 a quintal while M-30 firmed up to Rs 1505/1545 against the previous level of Rs 1500/1541 a quintal. Sugar for the check post deliveries were quoted low at Rs 1460/1475 a quintal for S-30 and Rs 1480/1505 for M-30.

Non-ferrous metals: An easy-to-weak trend was witnessed in the local non-ferrous metals market. The undertone was hesitant.

Tin slabs dropped by Rs 4 to Rs 338 per kg on dull overseas advices. Copper wirebar and nickel cathodes declined by Re 1 each to Rs 119 and Rs 316 per kg on reduced industrial demand and improved arrivals, whereas lead ingots eased by 50 paise to Rs 40 a kg. All other metals ruled overall steady and were quoted as: aluminium ingots Rs 82.50 and zinc slabs at Rs 75 a kg, respectively.In scraps, copper heavy and copper utensils weakened by 50 paise each to Rs 108 and Rs 96 a kg respectively on reduced industrial demand and better inflows. Brass utensils and brass sheetcuttings eased by 25 paise each to Rs 82.25 and Rs 89.25 a kg respectively. Aluminium utensils were nominally quoted at Rs 62.50 a kg on narrow movements.

Soybean: Soybean prices were up by Rs 100-150 per tonne on limited arrivals in central Indian markets yesterday. Buying from processors was poor as high moistured soybean was coming in the markets. Undertone was steady.

Soyoil prices were firm on tight supplies from plants and refineries. Soyoil solvent was up by Rs 200 and soyoil refined was up by Rs 100 per tonne in good trading. The undertone was strong. Soymeal and rapeseed extraction prices were almost steady in thin trading as buying and selling both were limited. Soymeal yellow was $244-245 per tonne FAS (Free Alongside Ship) at west Indian ports for export in Dec and Jan shipment.

Rapeseed extraction was $115-116 per tonne FAS in bulk for export and was Rs 4,300-4,325 per tonne in FOR (Free on Rail) condition.