G'Nut Oil Tags Up, Sugar Insipid, Bullion Firm

Groundnut oil gained further at reduced levels while most of the other edible oils ruled easy to subdued at the wholesale oils and oilseeds market, while imported palmolein ruled firm. In the futures market, September'98 contract remained untraded. December'98 opened higher by Rs 15 at Rs 1,948 a quintal and ruled steady at the same level throughout the session on narrow movements.

Groundnut oil improved further by Rs 10 at Rs 590 per 10 kg on improved consumer demand at reduced levels against thin arrivals.

In other oils, castor oil commercial and BSS continued to advance by Rs 2 each to Rs 547 and Rs 559 per 10 kg, respectively on acute shortage of ready materials.

Sesame oil and copra oil white advanced by Rs 10 and Rs 5 to Rs 430 and Rs 480 per 10 kg, respectively. Imported palmolein firmed up by Rs 6 at Rs 384 per 10 kg on restricted supplies against improved demand.

Castorseeds Madras and Maharashtra qualities improved further by Rs 10 each to Rs 2530 and Rs 2,524 a quintal, respectively

Sugar: An easy to subdued conditions prevailed in sugar prices. The undertone of the market was weak.

S-30 ruled easy at Rs 1,400/1,440 a quintal from the previous level of Rs 1,400/1,450 on sluggish consumer demand against easy supplies.

M-30 quoted at Rs 1,435/1,510 a quintal against its previous level of Rs 1,435/1,505 on subdued movements.

Sugar for the check-post deliveries were quoted lower at Rs 1,378/1,390 a quintal for S-30 grade and Rs 1,407/1,415 a quintal for M-30 grade.

Non-ferrous metals : A firm to steady conditions was noticed in the local non-ferrous metals market yesterday.

In virgin metals, copper wirebar and zinc slabs improved by 50 paise each to Rs 120 and Rs 78.50 per kg, respectively. Aluminium ingots and tin slabs declined by 50 paise and Rs 3 to Rs 86 and Rs 370 a kg, respectively on easy supplies against limited demand. Nickel cathodes ruled overall steady and were nominally quoted at Rs 248 a kg on narrow movements.

In the scraps section, copper heavy scraps improved by 50 paise while copper utensils, brass utensils and brass sheet cuttings firmed up by 25 paise each to Rs 93.75, Rs 86.75 and Rs 89 a kg, respectively.

Bullion : An upward to firm trend continued in both the precious metals at the local bullion market. Silver .999 and .916 improved further by Rs 105 and Rs 115 to Rs 7,575 and Rs 7,465 a kg respectively on firm overseas advices which restricted offerings at improved level.

Standard gold and 22 carat gold firmed up further by Rs 70 and Rs 65 to Rs 4,230 and Rs 3,915 per 10 grams on firm overseas advices. Gold biscuits prices also advanced by Rs 700 at Rs 49,600 per piece of biscuit on better consumer offtake.