Gnut Oil Continues To Rule Firm, Bullion Divergent

Groundnut oil continued to rule firm on restricted arrivals coupled with better demand whereas other industrial oils ruled better-to-steady yesterday. Imported palmolein firmed up on better buying.

Groundnut oil advanced further by Rs 2 at Rs 369 per 10 kg on firm consumer demand and reduced arrivals from producing centres. .

In other oils, kardi oil and ricebran oil improved by Rs 5 each to Rs 365 and Rs 185 per 10 kg respectively. Coconut oil white eased by Rs 5 at Rs 520 per 10 kg. Rapeseed oil and soybean oil refined firmed up further by Rs 4 and Rs 2 to Rs 320 and Rs 318 per 10 kg respectively.

Imported palmolein firmed up by Re one at Rs 311 per 10 kg on better demand at reduced level.

In futures section, castorseeds March '98 contract opened 50 paise up at Rs 1220 and improved to Rs 1227 a quintal. It declined to Rs 1220 before closing at Rs 1227 a quintal on speculative movements.

Sugar: An easy-to-subdued trend was noticed in sugar prices yesterday.

Sugar S-30 grade eased to Rs 1450/1485 per quintal against the previous level of Rs 1455/1485 a quintal. Sugar M-30 grade weakened to Rs 1465/1545 a quintal against the previous level of Rs 1471/1545 a quintal. Meanwhile, sugar for the checkpost deliveries were quoted firm at Rs 1430/1445 a quintal for S-30 grade and Rs 1450/1500 for the M-30 grade.

Non-ferrous metals: An easy-to-steady trend was noticed in the local non-ferrous metals market yesterday.

In scraps section, copper heavy scraps, copper utensils and brass utensils dipped by 50 paise each to Rs 105, Rs 93.50 and Rs 83 a kg respectively. Brass sheetcuttings and aluminium utensils declined by 75 and 25 paise to Rs 87.50 and Rs 62.25 a kg respectively. In virgin metals, copper wirebar and nickel cathodes declined by 50 paise and Rs 2 to Rs 115 and Rs 318 a kg respectively. Tin slabs firmed up by Rs 4 at Rs 336 a kg. Meanwhile, all the other metals ruled overall steady, and were nominally quoted as under : aluminium ingots Rs 82, zinc slabs Rs 71.50 and lead ingots Rs 40 a kg respectively on narrow movements.

Bullion: A divergent trend prevailed in the local bullion market yesterday. Silver slipped further while gold ruled overall steady. The undertone of the market remained dull.

In white metals, silver .999 and .916 declined further by Rs 50 and Rs 70 to Rs 8,680 and Rs 8,540 a kg respectively on continued selling pressure.

In yellow metals, both standard gold and 22 carat gold ruled overall steady, and were nominally quoted at Rs 4,000 and Rs 3,700 per 10 grammes on steady overseas advices and easy availability. Gold biscuit prices also ruled steady at the previous level of Rs 46,800 per piece of bar.