Gnut Oil Loses Ground, Metals Easy, Silver Firm

Groundnut oil ruled weak due to reduced demand coupled with brisk arrivals at the wholesale oils and oilseeds market, Turbhe, Navi Mumbai yesterday. Other industrial oils ruled easy-to-steady.

In the futures section, castorseeds September contract opened steady but advanced towards the closing. December contract opened higher and ruled steady till the end.

Groundnut oil declined by Rs 5 at Rs 368 per 10 kg on reduced demand and improved arrivals from producing centres. Arrivals were put at around 95/100 tonnes a day.

Linseed oil and cottonseed oil refined declined by Rs 3 and Rs 2 to Rs 292 and Rs 290 per 10 kg respectively on lower industrial demand coupled with modest arrivals. Ricebran oil and sunflower oil expeller also dropped by Rs 2 and Rs 3 to Rs 173 and Rs 272 per 10 kg respectively on dull offtake.

In oilseeds, castorseeds Madras and Maharashtra qualities declined by Rs 5 each to Rs 1,195 and Rs 1,189 a quintal respectively on reduced industrial demand and better arrivals. Nigerseeds Madras quality declined further by Rs 25 at Rs 1450 a quintal on reduced offtake. All the other oilseeds ruled steady due to narrow movements.

Sugar: The sugar market continued to witness a divergent trend. Both the grades of sugar moved in opposite directions. Sugar S-30 grade declined to Rs 1,490/1,515 as against the previous level of Rs 1,490/1,560 a quintal on reduced consumer offtake.

Sugar M-30 ruled firm at Rs 1,520/1,545 as against the previous level of Rs 1,510/1,545 a quintal on subdued offtake. Sugar for the check-post deliveries was quoted lower at Rs 1,460/1,470 a quintal for S-30 grade and Rs 1,480/1,490 for the M-30 grade.

Non-ferrous metals: An easy-to-steady trend was witnessed in the local non-ferrous market. The demand remained dull as against better arrivals.

In the virgin section, nickel cathodes and tin slabs eased further by Rs 4 and Rs 2 to Rs 331 and Rs 287 per kg respectively on reduced industrial demand coupled with improved arrivals. Copper wire bars eased by 50 paise at Rs 131 a kg on lower industrial offtake. All the other metals ruled steady.

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

In white metals, silver.999 and .916 improved by Rs 65 each to Rs 6,415 and Rs 6,315 a kg respectively on firm overseas advices and reduced arrivals. Delhi advices indicated a firm trend.

In yellow metals, both - standard gold and 22-carat gold eased by Rs 25 and Rs 20 to Rs 4,520 and Rs 4,180 per 10 grams respectively on better demand coupled with limited arrivals. The London advices also showed a firm trend.