Gnut Oil Firm, Sugar Mixed, Metals Stable

A downward trend in groundnut oil was arrested on improved buying at reduced level. Arrivals remained limited from producing centres, whereas other industrial oils ruled better-to-steady at the wholesale oils and oilseeds market, Turbhe, Navi Mumbai yesterday. Imported palmolein also ruled firm on restricted demand.

In futures section, castorseeds March98 contract opened higher and firmed up further towards closing.

Groundnut oil firmed up by Re 1 at Rs 369 per 10 kg on better demand coupled with moderate arrivals.

In other oils, mowra oil and karanji oil declined by Rs 5 and Rs 3 to Rs 235 and Rs 175 per 10 kg respectively. Soya oil refined declined by Rs 4 to Rs 312 per 10 kg on dull offtake. Cottonseed oil unwashed and refined qualities declined further by Re 1 and Rs 4 to Rs 311 and Rs 312 per 10 kg respectively on dull industrial demand coupled with improved ready stock. Imported palmolein firmed up by Rs 2 at Rs 302 per 10 kg on improved demand of imported oil. Meanwhile, majority of other oils ruled overall steady on narrow movements.

In futures section, castorseed March98 contract opened Rs 2.50 higher at Rs 1,166 and firmed up to Rs 1,167.50 a quintal. It declined to Rs 1,166 before closing to Rs 1,167 a quintal on speculative dealings.

In oilseeds, kardi seeds declined by Rs 25 to Rs 1,325 a quintal on sluggish industrial demand. Meanwhile, all the other oilseeds ruled overall steady on narrow movements.

Sugar: A mixed trend was noticed in sugar prices on limited arrivals at Turbhe, Navi Mumbai yesterday. Small grade sugar ruled steady, while medium grade eased. The undertone of the market remained dull.

Sugar S-30 grade held steady at Rs 1,465/1,501 from the previous level of Rs 1,465/1,500 a quintal on subdued consumer demand coupled with moderate arrivals. Sugar M-30 grade eased to Rs 1,486/1,521 as against the previous level of Rs 1,490/1,526 a quintal on reduced offtake and modest arrivals. Meanwhile, sugar for the check-post deliveries was quoted low at Rs 1,455/1,470 a quintal for S-30 grade and Rs 1,470/1,500 for the M-30 grade.

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

In virgin metals, zinc slabs eased by 25 paise at Rs 72.50 a kg on reduced industrial interest coupled with better availability of the ready stock. Meanwhile, all the other metals ruled totally quiet and were quoted as under: copper wirebar Rs 117, aluminium ingots Rs 82, lead ingots Rs 39.50, tin slabs Rs 327 and nickel cathodes Rs 325 a kg respectively.

In scraps section, all the metals ruled overall steady and were nominally quoted as under: copper heavy scraps Rs 107, copper utensils Rs 95.25, brass utensils Rs 83.25 and brass sheet-cuttings Rs 88.75, aluminium utensils Rs 62.50 a kg respectively.

Bullion : The Bombay Bullion Association remained officially closed on account of the English New Year.