Gnut Oil Down On Weak Demand, Sugar Looks Up

Groundnut oil fell on subdued offtake and brisk arrivals from the upcountry centres, at the wholesale oils and oilseeds market here yesterday. Demand remained weak, whereas other industrial oils ruled easy-to-steady. Imported palmolein ruled easy on better arrivals. In futures section, castorseeds December contract eased towards closing. March 98 contract opened lower and ruled steady towards closing.

Groundnut oil declined by Rs 3 at Rs 348 per 10 kg on reduced demand against brisk arrivals from the producing centres.

Kardi oil and ricebran oil dropped by Rs 5 and Rs 3 to Rs 325 and Rs 165 per 10 kg on reduced industrial demand coupled with better inflows.

Cottonseed oil-washed eased by Rs 2 to Rs 288 per 10 kg on slack industrial demand. Mowra oil firmed up by Rs 3 to Rs 228 per 10 kg on better industrial demand and reduced arrivals.

Imported palmolein eased by Re 1 to Rs 264 per 10 kg on subdued industrial demand.

In futures section, December contract opened Rs 1.50 lower at Rs 1162.50 a quintal and ruled at that level. It went down to Rs 1155.50 and closed at Rs 1159.50/ quintal on speculative movements.

Sugar: A firm-to-upward trend was witnessed at the wholesale sugar market here yesterday. Both the grades ruled firm.

Sugar S-30 firmed up to Rs 1510/1525 a quintal from the previous level of Rs 1505/1526 on better festive consumer demand and normal arrivals.

The M-30 grade looked up to Rs 1525/1555 against the previous Rs 1515/1556 level. Sugar for the check post deliveries were quoted low at Rs 1485/1505 a quintal for S-30 grade and Rs 1505/1530 for M-30 grade.

Non-ferrous metals: An easy-to-steady trend continued in the local non-ferrous market yesterday. Virgin metals ruled easy while scraps metals ruled overall steady.

In virgin section, nickel cathodes declined by Rs 3 at Rs 312 a kg on reduced industrial demand. Copper wirebar firmed up by 25 paise at Rs 128.25 a kg on better industrial demand All metals ruled steady and were quoted as: aluminium ingots Rs 82, zinc slabs Rs 81.75, lead ingots Rs 41.50 and tin slabs Rs 305 a kg.

In scraps section, all metals ruled overall steady and were quoted as: copper heavy scraps Rs 116, copper utensils Rs 108, brass utensils Rs 94, brass sheetcuttings Rs 100 and aluminium utensils Rs 62 a kg.

Bullion: A mixed trend was noticed in the local bullion market. Silver ruled weak while gold ruled steady-to-easy.

In white metals, silver.999 and .916 varieties declined by Rs 95 and Rs 90 to Rs 7060 and Rs 6960 a kg on improved reduced consumer buying at higher level during the last few days.

In yellow metals, standard gold and 22 carat gold ruled overall steady and were nominally quoted at Rs 4370 and Rs 4040 per 10 grams respectively on subdued overseas advices coupled with subdued buying interests.

The demand remained dull. The arrivals remained modest. Gold biscuit prices receded by Rs 100 at Rs 51,300 per piece of gold bar of 10 tolas.