Gnut Oil Moves Up, Bullion Declines, Sugar Firm

Groundnut oil continued to advance on restricted arrivals coupled with renewed demand, while other industrial oils ruled better-to-steady at the wholesale oils and oilseeds market here yesterday.

Groundnut oil strengthened by Rs 2 at Rs 367 per 10 kg. Arrivals were put at around 80/90 tonnes a day.

Linseed and cottonseed oil-washed improved Rs 5 each to Rs 330 and Rs 315 per 10 kg respectively. Sesame, mowra and coconut oil white firmed up by Rs 5 each to Rs 355, Rs 260 and Rs 525 per 10 kg respectively. Karanji oil and sunflower oil expeller rose further by Rs 2 each to Rs 162 and Rs 357 per 10 kg on scattered arrivals.

Imported palmolein eased Re 1 at Rs 310 per 10 kg on reduced demand at higher levels.

In futures, castorseeds March '98 contract opened Rs 2 lower at Rs 1,220 and improved to Rs 1,222 a quintal. It fell to Rs 1,217.50 before closing at Rs 1219.50 a quintal on speculative movements. The June contract opened Rs 7 lower at Rs 1258 and firmed up to Rs 1262 a quintal. It declined to Rs 1258 before closing to Rs 1259.50.

In oilseeds, castorseeds Madras and Maharashtra qualities declined by Rs 5 each to Rs 1238 and Rs 1232 a quintal.

Sugar: A firm-to-upward trend was noticed in sugar prices on lower consumer offtake coupled with normal arrivals yesterday.

Sugar S-30 firmed up to Rs 1455/1485 against the previous level of Rs 1450/1485 a quintal. The M-30 grade rose to Rs 1471/1545 against the previous level of Rs 1465/1545 a quintal. Meanwhile, sugar for the check post deliveries were quoted firm at Rs 1440/1450 a quintal for S-30 and Rs 1455/1510 for M-30 grade.

Non-ferrous metals: A steady trend was noticed in the local non-ferrous metals market yesterday. The market undertone remained hesistant.

Virgin metals ruled steady and were quoted as: copper wirebar Rs 115.50, aluminium ingots Rs 82, zinc slabs Rs 71.50 and lead ingots Rs 40, tin slabs Rs 332 and nickel cathodes Rs 320 a kg respectively on narrow movements.

Scrap metals ruled steady and were quoted as: copper heavy scraps Rs 105.50, copper utensils Rs 94, brass utensils Rs 83.50, brass sheetcuttings Rs 88.25 and aluminium utensils Rs 62.50 a kg on narrow movements.

Bullion: An easy-to-subdued trend prevailed in the local bullion market. The market undertone remained dull.

In white metals, silver .999 and .916 eased further by Rs 5 and Rs 10 to Rs 8,730 and Rs 8,610 a kg respectively on continued selling pressure

In yellow metals, both standard and 22 carat gold eased Rs 20 each to Rs 4,000 and Rs 3,700 per 10 grams. Gold biscuit prices also weakened by Rs 200 at Rs 46,800 per piece of bar.