Gnut Oil Continues Climb; Bullion, Sugar Follow Suit
Groundnut oil advanced further on restricted arrivals from producing centres yesterday. Other industrial oils ruled easy-to-steady.
In future section, castorseeds June contract opened up but eased towards the close.
Groundnut oil improved by Rs 5 at Rs 412 per 10 kg on subdued demand. Arrivals were put at around 90 tonnes a day. Copra oil white advanced by Rs 30 at Rs 480 per 10 kg. Castor oil commercial and BSS qualities looked up further by Rs 2 each to Rs 281 and Rs 293 per 10 kg respectively.
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Rapeseed oil refined and sunflower oil expeller declined by Rs 2 each to Rs 369 and Rs 388 per 10 kg respectively on brisk arrivals. Imported palmolein eased by Rs 2 at Rs 369 per 10 kg.
In the futures market, castorseeds June contract opened Rs 4.50 higher at Rs 1281 a quintal and improved to Rs 1285. It declined later to close at Rs 1279.
In oilseeds, castorseeds Madras and Maharashtra qualities improved by Rs 10 each to Rs 1253 and Rs 1247 a quintal respectively on improved industrial demand. Kardiseeds bold eased by Rs 25 at Rs 1625 a quintal.
Sugar: A firm trend continued in the sugar market yesterday on account of the imposition of customs duty on imported sugar.
With the announcement of the 5 per cent import duty along with CVD at Rs 850 a tonne on imported sugar, prices turned firm anticipating a reduction in imports.
Sugar S-30 grade improved to Rs 1520/1540 against the previous level of Rs 1510/1540 a quintal. Sugar M-30 firmed up to Rs 1540/1580 (Rs 1535/1575) a quintal on better buying interest against restricted availability of ready stock.
Meanwhile, sugar for the check-post deliveries were quoted lower at Rs 1500/1520 a quintal for S-30 grade and Rs 1530/1550 a quintal for the M-30 grade.
Non-ferrous metals: A firm-to-steady trend was noticed in the non-ferrous metals market yesterday.
In scraps, copper utensils and brass utensils improved by Re 1 and 75 paise to Rs 96.50 and Rs 86.25 a kg respectively. Other metals were quoted as under: copper heavy scraps Rs 109.50, brass sheetcuttings Rs 89.50 and aluminium utensils Rs 62 a kg.
In the virgin section, tin slabs improved by Rs 6 at Rs 356 while copper wire bar firmed up by Re 1 at Rs 124 a kg on better demand against limited availability of stock. All other metals ruled overall steady and were quoted as under : aluminium ingots Rs 82, zinc slabs Rs 73.50, lead ingots Rs 41.25 and nickel cathodes Rs 315 a kg respectively.
Bullion : An upward trend was seen in the bullion market yesterday. Both precious metals ruled firm.
Silver .999 and .916 improved by Rs 95 and Rs 85 respectively to Rs 8,725 and Rs 8,595 a kg.
In yellow metals, both standard gold and 22 carat gold firmed up by Rs 30 each to Rs 4,235 and Rs 3,920 per 10 grammes respectively on better consumer demand. Gold biscuit prices also advanced by Rs 400 at Rs 49,700 per piece of gold bar.