Gnut Oil Eases, Bullion Takes Firmer Stance

Groundnut oil witnessed an easy-to-subdued trend on sluggish demand at higher levels coupled with better arrivals at the local wholesale oils and oilseeds market yesterday. Industrial oils ruled easy to steady while imported palmolein ruled firm.

In futures section, castor seeds March '98 remained untraded while the June contract opened lower and receded further towards closing.

Groundnut oil eased Rs 3 to Rs 393 per 10 kg on reduced consumer demand. Arrivals were put at around 80-85 tonnes a day.

Copra oil-white and karanji oil declined Rs 15 and Rs 7 to Rs 470 and Rs 168 per 10 kg respectively. Rapeseed oil refined and sunflower oil expeller edged up by Re 1 each to Rs 359 and Rs 375 per 10 kg respectively on firm industrial demand and short supply of ready stock.

Imported palmolein looked up further by Re 1 at Rs 357 per 10 kg on restricted arrivals of imported goods.

In the futures section, June contract opened Rs 1.50 lower at Rs 1,281 a quintal and ruled steady. It declined to closed at Rs 1272.50 a quintal on speculative movements. In oilseeds, all the oilseeds ruled overall steady on narrow movements.

Sugar: An upward-to-firm trend was noticed in sugar prices yesterday. Both the grades ruled firm. The market undertone was weak.

Sugar S-30 firmed up to Rs 1425-1460 as against the previous level of Rs 1420-1450 a quintal on better consumer demand and normal arrivals of imported sugar. M-30 grade improved to Rs 1460-1520 as against the previous level of Rs 1460-1515 a quintal.

Sugar for check-post deliveries were lower at Rs 1400--1420 a quintal for the S-30 grade, while Rs 1440/1472 a quintal for M-30.

Non-ferrous metals: A steady trend was witnessed in the local non-ferrous metals market yesterday.

Demand remained steady-to-subdued against normal arrivals. Undertone remained hesitant.

All metals ruled steady and were nominally quoted: copper wirebar Rs 117, aluminium ingots Rs 82, zinc slabs Rs 70, lead ingots Rs 40.50, tin slabs Rs 338 and nickel cathodes Rs 305 a kg.

In scraps section, all metals ruled steady and were quoted : copper heavy scraps Rs 106.50, copper utensils Rs 93.25, brass utensils Rs 83.75, brass sheetcuttings Rs 88 and aluminium utensils Rs 62 a kg respectively.

Bullion: A firm-to-upward trend was noticed in the local market. Both precious metals ruled upward. The market undertone was dull.

Silver .999 and .916 firmed up by Rs 20 each to Rs 8610 and Rs 8490 a kg respectively on firm overseas advices and improved demand. Industrial demand was modest. Delhi advices showed a modest trend.

In yellow metals, both standard and 22 carat gold looked up further by Rs 20 and Rs 15 to Rs 4070 and Rs 3765 per 10 grams respectively on better demand. Overseas advices also indicated firm trend. Gold biscuit prices also firmed up further by Rs 200 at Rs 47,800 per piece of gold bar on better movements.