G'Nut Oil Up Rs 3, Metals Steady, Bullion Shimmers

Groundnut oil advanced further, while most of the other edible oils ruled easy-to-steady yesterday. Groundnut oil increased by Rs 3 to Rs 625 per 10 kg on shortage of ready stock backed by firm upcountry advices and improved consumer demand on account of the festival season.

Sesame oil improved by Rs 10 to Rs 450 per 10 kg on acute shortage of ready stock. Ricebran oil and sunflower oil expeller fell by Rs 4 and Rs 10 to Rs 218 and Rs 415 per 10 kg, respectively, on dull industrial offtake against ample availability of ready stock. Cottonseed oil washed advanced by Rs 2 to Rs 445 per 10 kg. Copra oil white eased by Rs 5 to Rs 540 on dull offtake against easy supplies. Imported palmolein firmed up by Rs 2 at Rs 387 per 10 kg. In the futures market, December contract opened higher by Rs 4 at Rs 1,618 a quintal and closed at Rs 1,630 on speculative movements.

In oilseeds, Nigerseeds Madras declined by Rs 50 to Rs 1,900 a quintal on improved selling pressure against dull industrial offtake.

Sugar: A mixed trend was noticed in sugar prices. The undertone of the market was weak.

S-30 declined to Rs 1,465-1,490 against its previous level of Rs 1,465-1,500 a quintal on reduced offtake against easy availability of ready stock. M-30 improved to Rs 1,485-1,560 a quintal against its previous level of Rs 1,470-1,550. Sugar for the check-post deliveries quoted higher at Rs 1,440-1,450 a quintal for S-30 and Rs 1,460-1,480 a quintal for M-30.

Non-ferrous metals : Quiet conditions prevailed in the local non-ferrous metals market yesterday. Both sections of metals ruled overall steady, while the undertone remained weak.

In the scraps section, all the metals ruled overall steady and were quoted nominally: copper heavy scraps quoted at Rs 98, copper utensils Rs 90.25, brass utensils Rs 83.25, brass sheet cuttings Rs 85.00 and aluminium utensils Rs 63.50 a kg, respectively, on narrow movements.

In virgin metals, copper wirebar was quoted at Rs 113.50, aluminium ingots Rs 86, zinc slabs Rs 77.50, lead ingots Rs 45.50, tin slabs Rs 384 and nickel cathodes Rs 251 a kg, respectively, on narrow movements.

Bullion: A firm-to-upward trend was noticed in both the precious metals in the local bullion market yesterday.

Silver .999 and .916 improved by Rs 15 and Rs 10 to Rs 7,445 and Rs 7,310 a kg, respectively, on improved overseas advices coupled with modest industrial demand.

Standard gold and 22 carat gold firmed up by Rs 10 each to Rs 4,350 and Rs 4,025 per 10 grams, respectively, on firm overseas advices coupled with moderate seasonal offtake. Gold biscuits prices ruled overall steady and were nominally quoted at Rs 51,100 per piece of gold biscuit.